• Senator Cynthia Lummis says that Bitcoin is going to be “an important part of our economy going forward.” Agreed.

• Rep Tom Emmer, suggested Gary Gensler is on his way out as SEC Chair, but also to “be careful about trusting a cornered animal.”

• Paypal has launched its own stablecoin on Solana, and threw some shade at Ethereum’s potential as a payment network in the process.

• Goldman Sachs’ Head of Digital Assets, Mathew McDermott, said in an interview that their clients “typically just focus on bitcoin and Ethereum.”

• Patrick McHenry, Republican Chair of the House Financial Services Committee, announced an upcoming hearing on the tokenization of ‘real world assets’.

• BlackRock filed an amended S-1 for its spot Ethereum ETF, confirming it will not be staking any of its ETH.

• Iggy Azalea, Caitlyn Jenner, and several other quasi-celebrities are entering the ‘meme coin’ space. Just a cash grab, or is there a real intersection between rappers, reality TV stars, and the future of finance? Only time will tell.

Yesterday it was the Sharks’ turn to redistribute some wealth.

Stocks were down across the board yesterday, with the one exception being SMLR who are still riding high off the announcement of their adoption of the ‘Saylor Strategy’.

🇺🇸 United States

🥇BlackRock

IBIT once again led the pack on Wednesday, with inflows of 364 BTC ($25m).

And, as of yesterday, IBIT has reached $20 AUM in a blistering record time of 137 since launch. The next closest was JEPI - JPMorgan’s Equity Premium Income ETF - which took 985 days.

🥈 Fidelity

In second place, again, was FBTC with 265 BTC inflows ($18m). They’ve added 13k BTC over the past four weeks.

🔻 Grayscale

And having lost the top holdings position spot to IBIT yesterday, GBTC shows no signs of slowing down the outflows now. They sent out another 461 BTC ($31m).

🧮 Total

Another net inflow day yesterday, making it twelve in a row. Good for +419 BTC ($28.3m)

🇭🇰 Hong Kong

We have life in Hong Kong! At least, a bit of it. +8 BTC for Harvest, and -20 for Bosera Hashkey. Nothing for China AMC, meaning net -12 BTC net for the day ($815k).

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

Thanks for reading, and I’ll see you tomorrow.

— Julian

ICYMI

In this week’s Deep Flow, we broke down the Ethereum ETFs: why they’re being approved, the political and regulatory changes influencing the SEC, and what happens next.

Check it out: