• The Ethereum ETFs were all approved. Nine issuers, whose names you’ll be familiar with. Specifically, the 19b-4 forms were. All the issuers still have to amend, file, and get approved their S-1s. A process which took about 90 days for the spot bitcoin ETFs.

• The House passed the ‘anti-CBDC’ Act. Rep. Patrick McHenry said, “a CBDC is no more than a CCP-style surveillance tool waiting to be weaponized.”

• Senator Cynthia Lummis announced she is “building a pro-crypto army in Congress.” If there’s one thing the US Congress knows how to do, it’s fund an army.

• Bitwise’s Ryan Rasmussen reports takeaways from “speaking with hundreds of RIAs about Bitcoin.” Summary: clients want it, and they’re gonna get it good.

• SAB 121 update: Congress took until yesterday to send the resolution repealing it to Biden, so he now has another 10 days (until June 3) to decide whether he’s going to veto.

If you thought the Whales were going to slow down, well, nope.

What’s black and white and red all over? This table:

🇺🇸 United States

🥇BlackRock

IBIT, ever dependable, crushed it again on Thursday with inflows of 1315 BTC ($89m).

🥈 Fidelity

FBTC had another strong day too, bringing 282 BTC ($19m).

🔻Grayscale

GBTC’s Thursday was much like its Wednesday, with outflows of 200 BTC ($13.7m).

🧮 Total

It was net inflows again on Thursday, which makes it nine days in a row! They were +1598 BTC on the day ($108m).

🇭🇰 Hong Kong

Finally some flows in Hong Kong, but not the kind we like. AMC lost 26 BTC ($1.7mm)

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Today’s Bagholder of the day is Lugano Financial Advisors.

The Swiss wealth manager courts international investment, describing their services as for “ U.S. investors who want to diversify part of their wealth outside the country.”

They’ve just got a baby bag of GBTC ($163k), but there’s a bigger bitcoin connection behind the scenes.

LFA takes its name from the Swiss city of Lugano, located in the South near the Italian border.

Lugano (the city) became famous in bitcoin circles a couple of years ago for making bitcoin ‘de facto’ legal tender, and more recently by accepting bitcoin and tether for municipality payments (i.e. taxes or fines).

That’s the state of bitcoin flows for this Friday.

I’ll see you back here tomorrow.

— Julian