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š Thursday Bitcoin Flows
Your Daily Bitcoin Flows update, from Apollo
Julian Fahrer
April 18, 2024 ā¢ Estimated Reading Time: 4 minutes
Welcome back to your daily update on institutional Bitcoin flows.
If this is your first time, you can subscribe here.
Now entering the flow stateā¦ššš
š„Blackrock
IBIT was the only net buyer yesterday, with 293 BTC inflows ($18m). Blackrock also released an education series of four videos about bitcoin.
š¦Ø Grayscale
GBTC outflows continued as usual, with 2179 BTC ($133m) leaving the Grayscale coffers. That makes total GBTC outflows of 312,106 BTC since launch.
š§® Total
It was a solid net outflow day yesterday, with 2700 BTC out ($165M). That brings the total held by ETFs down a touch, to 838,746 BTC.
Where The Coins At
The helpful chart below, from Bitwise's Q1 Market Review, shows the estimated distribution of bitcoin across the major holder groups.
The āinactiveā segment refers to coins not moved for over five years. Some of those are no doubt owned by very patient hodlers, though itās estimated that more than 3 million coins have been lost for good.
ā° IMF Alarm
The IMF is warning that the USās massive fiscal deficits mounting debts pose a āsignificant riskā for the global economy.
IMF chief economist Pierre-Olivier Gourinchas says that the current path is unsustainable: āSomething will have to give.ā
But is it really that bad? Actually itās even worse! The US is on track for a $2.2T deficit in 2024, which is 47% more than the Congressional Budget Office forecast one just month ago, and more than their projected deficit for 2031! Alarming indeed.
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