🌊 Wednesday Bitcoin Flows

Your Daily Bitcoin Flows update, from Apollo

Author

Julian Fahrer
April 17, 2024 • Estimated Reading Time: 4 minutes

Welcome back to your daily update on institutional Bitcoin flows.

Now entering the flow state…🌊🌊🌊

🥇Blackrock

IBIT had a quieter day Tuesday, but was still at the head of the pack with 415 BTC inflows ($27m).

🦨 Grayscale

GBTC cracked 1k BTC outflows again on Tuesday, with another 1250 BTC ($79m) heading out. At the rate things are going, it’s looking like IBIT will ‘flip’ GBTC and have more BTC holdings by the end of the month.

🧮 Total

Another day of net outflows yesterday, with the count at -916 BTC ($58m). After a tumultuous first month, and euphoric Feb/March, some ETF investors are perhaps getting their first taste of the famous ‘sideways bitcoin chop’.

Miner revenue at a glance

The chart below from Coinmetrics shows daily miner revenue.

As you can see, most of it is made up of the Block Reward (in orange). This Friday’s ‘halving’ will cut this reward (you guessed it) in half, from 6.25 BTC per block, to 3.15 BTC.

This will put a lot of pressure on the miners, particularly those with the highest costs. If and when BTC price rises (as has happened historically after halvings), this pressure will be mitigated. But it’s a cut-throat industry and many will struggle.

✂️ To Cut, or Not To Cut?

Jerome Powell’s comments at a policy forum yesterday indicate rate cuts might be yet further away. He pointed to a “lack of further progress so far this year on returning to our 2% inflation goal.”

Meanwhile, Christine Lagard indicated that Europe has been more successful at curbing inflation, and rate cuts could be coming soon from the ECB.

If both deliver on their promises, we’ll keep an eye on the EUR/USD chart and let you know when to book that summer vacation in Italy.