• Robinhood got served with a Wells notice by the SEC, for apparently listing unregistered securities (certain dodgy cryptocurrencies) on its exchange.

• Custodia is suing the Fed for repeatedly rejecting its application for a ‘master account’ i.e. access to the Fed’s payment network.

• We published a Election 2024 Preview, comparing the three Presidential candidates on their bitcoin and crypto histories, statements, and proposed policies.

• US Treasury says that Social Security will run out in 2035. The twist? That this is apparently good news, as it pushes the deadline out one from their last prediction.

• Ohio State students were treated to an unusual commencement speech, in which the speaker discussed ayahuasca, exotic breathing exercises, and - yes - bitcoin. It did not go well.

Whales continued their feeding frenzy on Monday, adding 3.7K BTC on the day and 10K BTC over the past week.

It was green all over on Monday, with big gains from MSTR and MARA, the latter still climbing after Friday’s news that it will be joining the S&P 600 small cap index.

🇺🇸 United States

🥇Fidelity

FBTC topped the inflow leaderboard on Monday, bringing in 1560 BTC ($99m). They’ve now fully recovered from last week’s dip, with their total held back up to 152,900 BTC.

🥈Ark

ARKB had the second most impressive day yesterday, with inflows of 1200 BTC ($76m). Bringing their total to 43,900 BTC.

🎉 Grayscale

GBTC had it’s second inflow day in a row on Monday, which means also its second inflow day ever. They took in 61 BTC ($3.9m). If you can squint, you can see it on the chart below.

🧮 Total

It was another day of inflows across the board. Overall, 3410 BTC came in ($218m).

🇭🇰 Hong Kong

The Hong Kong ETFs continue to accumulate too, albeit gently. The biggest gainer yesterday was Bosera Hashkey, adding another 200 BTC (~$13m).

The two most noteworthy 13F filings from Monday were:

• SouthState ($34B AUM): a regional US bank with 300 branches across Florida, Alabama, Georgia, Virginia, and the Carolinas; and

• HighTower Advisors ($130B): one of the largest RIAs in the United States, which declared $68m invested across six of the ETFs.

Looking abroad, we’ve summarized the holdings of funds outside the US in the table below. Currently dominated by the two Hong Kong funds, Ovata and Yong Rong.

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

My ask: Do you know someone who might also like Flow State? You probably just thought of someone, right?

Then tap that Forward button, plug in their email, and tell them “Hey check out this bitcoin newsletter.”

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

— Julian