🌊 Friday Bitcoin Flows

Your Daily Bitcoin Flows update, from Apollo

Author

Julian Fahrer
April 19, 2024 • Estimated Reading Time: 5 minutes

Welcome back to your daily update on institutional Bitcoin flows.

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Now entering the flow state…🌊🌊🌊

🥇Fidelity

FBTC knocked Blackrock out of first place yesterday, getting back on top with an inflow of 603 BTC ($37.4m). IBIT by contrast had, with an inflow of 296 BTC, what could only be described by their standards as an inflow for ants.

đź‘Ź Ark

We haven’t featured Ark much, and there’s a reason: it’s been only outflows since March. They broke that streak yesterday, with 153 BTC coming back in ($10m)

🦨 Grayscale

Naturally the GBTC outflows continued, slightly down from Wednesday. They sent out 1420 BTC yesterday ($90M). Grayscale’s holdings are down to 305,000 BTC, meaning they’ve lost half their bitcoin.

🧮 Total

Yesterday was essentially breakeven, with a minor net outflow of 69 BTC ($43m).

13 Filings Accelerate

Yesterday was a big one for 13F filings on ETF ownership, with the size of holdings seemingly increasing day-by-day. Notable bag-holders include Quattro Financial Advisers, holding $17m of IBIT. Ark Invest also filed yesterday, and unsurprisingly they’ve got a substantial holding of the Ark ETF ($185m).

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Two Weekend Reads

Ray Dalio put out a blog post called Do You Have Enough Non-Debt Money? According to Dalio, Gold and “cryptocurrencies” are non-debt money (he avoids the B-word itself). The point is that non-debt assets are good to hold when the financial system is not “doing well.”

A new paper from the IMF on cross-border flows of bitcoin. It tracks a variety of cross-border flows, and concludes that bitcoin is increasingly used to escape capital controls particularly in sketchier markets. Good summary of the findings here.

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