• Elizabeth Warren’s weekly bitcoin tantrum concerns Iran this time, who she claims has made too much money from mining bitcoin, and gosh darn we need to do something about it.

• Nigerian fintech firms have warned customers that accounts will be closed due to a government crackdown on all things crypto.

• Fidelity’s VP of Digital Assets Manuel Nordeste said at an event in London that they working with pension funds who want to allocate to bitcoin.

• Bitwise CEO Hunter Horseley says “A lot of traditional and reputable firms have started engaging with bitcoin in a way they never have before.”

• Joe Biden’s Chief Economic Advisor, in a bumbling interview clip, assures us that, “There is no question that the government prints money, and uses that money to…um, ah, so, um…” (Yes, real quote)

On Friday it was once again the Shrimps and Sharks selling. The Whales on the other hand were big buyers, and have been hoovering up everyone else’s selling for the past week.

MSTR up big again, while the heat came off off Block and COIN a bit. MARA was up even more from the below number after hours too, after the announcement that they’ll be joining the S&P 600 small cap index.

🇺🇸 United States

🥇 Fidelity

It was a inflow type of day, and FBTC had the biggest of all. 1661 BTC ($102m) came back in, as people rushed to buy up the dip.

🎉 Grayscale

So, GBTC (I can’t believe I’m writing this) BOUGHT 1020 BTC ($63m). The first inflow day they’ve had since launch. This is so shocking that we don’t even have the right chart for it, so below you can see it as the ‘negative outflow’ for 3 May.

👏 Franklin Templeton

Friday Fireworks at Franklin Templeton, as EZBC had its best inflow since launch, with 986 BTC ($61m) coming in.

🧮 Total

Big bounce back day across the board, with inflows from everyone. Net inflows on the day were 6.1k BTC ($378m). Nice way to start the weekend.

🇭🇰 Hong Kong

The Hong Kong ETFs launched to much fanfare, and then slight disappointment as trading volume didn’t quite live up to the hype. But after a couple of days, they’ve accumulated 4.2K BTC ($265m). Nothing to sneeze at.

Another Hong Kong ETF whale emerged yesterday, by the name of Ovata Capital Management. Spread across four different ETFs, the fund has a total allocation of $60m. They say their objective is “to generate absolute return uncorrelated with general equity market performance.” Well, I think that ought to do it.

Two more Swiss funds showed their hands too, with Bellecapital International ($5B AUM) and Lugano Financial Advisors ($2.5B AUM) also filing their 13Fs (here and here).

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

Before I let you run - small favor to ask: could you share this with someone?

We want to keep doing this as long as there are bitcoin flows to report (i.e forever). So we need to grow!

Thanks, and I’ll see you back here on Tuesday.

— Julian