• The House of Representatives voted to override SAB 121, which is SEC guidance that make it prohibitively expensive for prospective custodians to hold digital assets. Overturning this rule is one of the three things Michael Saylor believes would “take bitcoin to $5m per coin.” The other two - spot ETF approval and fair value FASB accounting rules - have already happened…

• Donald Trump said at a campaign event (about ‘crypto’): “I’m fine with it…if you’re in favor of crypto, you better vote Trump.”

• Argentina announced that it will begin mining bitcoin with stranded gas.

• Van Eck’s MarketVector launched a memcoin index, highlighting the apparent growing institutional interest in rugpull tech.

• Robinhood reported their Q1 earnings yesterday. The value of their digital assets under custody increased nearly 80% to $26b.

And on the seventh day, the whales rested. After a week-long binge, the largest addresses redistributed some BTC back to the Sharks and Crabs.

It was a relatively quiet day for the equities, with a slight pullback in line with the BTC dip.

🇺🇸 United States

🥇Bitwise

BITB had the most inflows on an otherwise quiet day. They took in 185 BTC ($11.5m)

 0️⃣ Grayscale

GBTC had another first on Wednesday, this time with a neutral day of net zero flows. Might be sign that, after losing 326,000 BTC since launch, the selling is slowing.

🧮 Total

Wednesday saw net inflows, but it was all thanks to BITB’s 185 BTC. Every other ETF took a zero on the day.

🇭🇰 Hong Kong

Hong Kong had net inflows yesterday, with almost all of that accruing to Bosera Haskey who took in 99 BTC ($6.1m)

Two more banks surfaced in the 13F filings yesterday.

• US Bank, the fifth largest in the nation, disclosed holdings of $14m spread across GBTC, FBTC, and IBIT.

• Sandy Spring Bank, a regional northeastern bank HQ’d in Maryland, has a modest allocation to the same three ETFs.

There should be plenty more 13F filings to come by next Wednesday’s deadline. We’ll be publishing the full database of holders then. Stay tuned!

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

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

— Julian