🌊 Saturday Bitcoin Flows

Your Daily Bitcoin Flows update, from Apollo

Author

Julian Fahrer
April 13, 2024 • Estimated Reading Time: 4 minutes

Welcome back to your daily update on institutional Bitcoin flows.

Now entering the flow state…🌊🌊🌊

🥇Blackrock

IBIT took in 1671 BTC (USD $111m) to close out the week. Bringing their total BTC holdings to 271,000. Meanwhile, Larry Fink said he thinks it’s doubtful we get back to 2% inflation.

🦨 Grayscale

GBTC closed out the week with yet another huge day of outflows, losing 2500 BTC (USD $166m). Perhaps the bleeding will continue until their new ‘mini trust’ is approved - more on that below.

🧮 Total

It was a brutal day overall in the markets, and the ETFs saw net outflows of -819 BTC ($54m). Despite the dip, Bitcoin dominance versus altcoins is at a three year high.

Week-end Recap

After a couple of positive weeks, this one saw net outflows of -1154 BTC ($77m).

More 13F Filings

Finishing off this week’s Corporate Bags with another look at the 13F filings coming in to the SEC. Yesterday, another dozen firms declared ETF ownership, with a combined AUM of $17B. And they’ve only just dipped their toes in too.

  • Financial Times columnist John Burn-Murdoch wrote an interesting thread, comparing wealth inequality between and amongst Boomers and Millennials in the UK (and it’s similar in the US). Two takeaways: 1) it now takes 25 years for millennials to save for a deposit on a house, and 2) the wealth inequality among millennials is wider than it was for boomers at the same age.

  • Grayscale filed an amended S-1 for their new ‘mini trust’, which Grayscale says is designed to have “materially lower fee than GBTC.“ Some of the BTC from GBTC will be used to ‘seed’ the mini trust - some of the shares from which will then be distributed to existing GBTC shareholders. Or something like that.