Welcome back to your daily update on institutional Bitcoin flows.

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Now entering the flow state…🌊🌊🌊

🥇Fidelity

FBTC started off the week ahead of the pack, bringing in 524 BTC inflows ($35m).

🦨 Grayscale

GBTC picked up where they left off which is no surprise, but the outflows on Monday were smaller than usual at 527 BTC ($35m).

🧮 Total

It was another net inflow day Monday, making it the second in a row, with 937 BTC being added to the collective tally ($62m).

Here’s a snapshot of fund manager holdings for IBIT, FBTC, and GBTC.

At this stage the funds investing in FBTC have slightly higher AUMs and are allocating a slightly higher % of their portfolios. But it’s too early to draw anything conclusive from this.

Probably the stand out item is Mad River Investors, a Boston-based fund who describe themselves as “contrarian value investors.” Given that they’ve YOLO’d nearly 11% of their AUM into GBTC, I’d say that’s a contrarian bet on multiple levels.

• We published a 3-month review of the ETF performance so far, in which I break down the flows, holders, evaluate the performance compared to expectations, and address some criticisms.

• Morgan Stanley filed a prospectus with the SEC announcing bitcoin exposure in two of their portfolios: Discovery, and Growth.

• Two Raymond James subsidiaries filed 13F reports announcing holdings of GBTC worth $3m.

That’s the state of Bitcoin flows for this Tuesday.

We hope you enjoyed it, and I’ll see you back here tomorrow.

— Julian