Flow State
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🌊 Tuesday Bitcoin Flows

🌊 Tuesday Bitcoin Flows

Your Daily Bitcoin Flows update, from Apollo

Julian Fahrer
April 16, 2024 • Estimated Reading Time: 3 minutes

Welcome back to your daily update on institutional Bitcoin flows.

Now entering the flow state…🌊🌊🌊

🥇Blackrock

Blackrock bought the ‘WW3?’ dip yesterday, with IBIT adding 1200 BTC ($74m). Now hodling 272,300 BTC since launch.

🦨 Grayscale

GBTC started off the week like it finished the last one: hemorrhaging. 1750 BTC went out the door ($110m). They’ve had 309k BTC outflows since launch.

🧮 Total

Quiet day yesterday, with net outflows of 567 BTC ($36m).

Miners are HODLing

The top five miners dramatically slowed their rate of selling of BTC in Q1, to the lowest level in two years. Per the Bitwise Q1 Crypto Market Review.

It’s not clear why their HODL-rate increased so quickly. Could be because (like the rest of us) they expect the price to rise soon. It could also be in preparation for the upcoming halving, when their revenues will be cut in half overnight.

Hong Kong approved the spot Bitcoin ETFs on Monday. ChinaAMC, Harvest Global and Bosera International are among those will issue the ETFs. This is an exciting development, though senior Bloomberg analyst Eric Balchunas says the “HK ETF market is tiny”. We’ll see!
We published an explainer for the upcoming launch of the ‘Runes’ protocol for fungible tokens on bitcoin, in our weekly Learn newsletter. Explaining who’s behind it, and why it’s controversial.