• Coinbase crushed its Q1 earnings, with $1.64B revenue up vs. $1.32B expected.

• Jack Dorsey announced that Block is DCA’ing bitcoin every month for its corporate treasury. Their strategy is to allocate 10% of their monthly gross profit from bitcoin products.

• Kenya’s President has announced a national strategy for bitcoin, including exploring mining opportunities with Marathon.

• BlackRock’s Head of Digital Assets Robert Mitchnik said they’re meeting with a range of investors to discuss bitcoin including “pensions, endowments, sovereign wealth funds, insurers.”

• Teddy Fusaro, Bitwise President, dives deep into ETF mechanics and explains trading premiums and discounts.

• Olaoluwa Osuntokun, Lightning Labs CTO, demonstrates how stablecoins will soon be sent over the Lightning Network.

Below you can see how BTC is getting shuffled between cohorts. Yesterday the Shrimps with less than 1 BTC sold off, while the Whales with 1000+ BTC feasted.

Better day across the board as everyone took a deep breath after Wednesday. Solid earnings reports buoyed COIN and Block, and MSTR was doing it’s normal whipsaw in response to an upward BTC movement.

🥇Ark

ARKB was the biggest buyer of the dip yesterday, with inflows of 225 BTC ($13m). Cheap bitcoin acquired.

🔻Grayscale

GBTC pumped the outflow breaks a little bit yesterday, but still lost another 930 BTC ($55m). They’ve sold off 327,000 BTC since launch.

🧮 Total

It was a net negative day again for outflows, with 581 BTC ($34m) sold off. But that’s a huge turnaround from the day before, and in fact GBTC was the only source of outflows yesterday. Net inflows came to Ark, Valkryie, Franklin Templeton and Invesco Galaxy. Fidelity, Blackrock and Bitwise were all flat.

One name made an outsized impact in the 13F filings yesterday: Yong Rong Asset Management.

A somewhat incognito fund in Hong Kong - they apparently have need no for a website or much public presence at all.

But what they do need, is a giant bag of orange coin:

Filings show they’re now the biggest public holder of any of the ETFs, with a $38m stake in IBIT. That also makes them the biggest holder by portfolio allocation, at just over 10%.

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

If you’ve got a minute, I have one question for you:

What’s one thing we could do to improve Flow State?

Anything you’d add, take away, or change? Let me know through the link below.

Thanks, and I’ll see you back here tomorrow.

— Julian