• Kenya’s Ministry of Energy and Petroleum has entered a MOU with Marathon to monetize the country’s underutilized energy with bitcoin mining.

• The Spectator published an op-ed, ominously titled ‘Bitcoin is now a threat to us all’. Presumably the threat in question was forcing a Spectator columnist to come to grips with something about the world that’s changed since the Thatcher government. A frightening prospect.

• The Ethereum Foundation is working on a “formal policy” to address the “current conversation about potential conflicts of interest.” Not totally clear what this means, but an opaque governing body that influences monetary policy for a ‘commodity’ with a brand new ETF market might raise some eyebrows on wall street.

• Eric Balchunas asks if there is a “simple one-liner” for ethereum that translates to the “60/40 boomer world.” Read the replies for some colorful responses.

• 80% of Americans consider fast food a luxury item now. At the rate Big Mac prices are increasing, maybe we should just give them an ETF too.

Whales took Friday off for an extra-long weekend, and the Sharks picked up the slack.

Strong finish to the week across the board, particularly MSTR and COIN.

🇺🇸 United States

🥇BlackRock

IBIT had what you might call a ‘huge day of buying bitcoin’, bringing in 2640 BTC ($182m).

🥈 Fidelity

FBTC was no slouch on Friday either, with inflows of 640 BTC ($44m).

👏 Van Eck

Special mention goes to HODL, who with an inflow of 230 BTC ($15.6m), had their biggest day since early April.

🧮 Total

Friday was the 10th day in a row of net inflows, and it was a solid one with 3650 BTC ($252m) coming in. Aside from those above, Bitwise and Ark also chipped in with $6.5m and $4m respectively. Grayscale was neutral too.

In total, the bitcoin ETFs now hold 856,000 BTC. That’s 4% of all the bitcoin that will ever exist.

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

Stay tuned for Monday’s edition of Deep Flow, where we cover everything we know about the Ethereum ETFs so far. Last week, we answered ‘Who Owns the Bitcoin ETFs?’

Thanks for reading, and I’ll see you next week.

— Julian