• Jack Dorsey announced that Block is building a bitcoin mining rig, and that they’ve finished building a 3 nano-meter chip, “with the goal of decentralizing both the supply of bitcoin mining hardware and the distribution of hashrate.”

• The SEC delayed applications for Ethereum spot ETFs, but Grayscale and Blackrock filed amendments to their docs anyway.

• Tesla did NOT sell any of its bitcoin on Q1, despite speculation that they would to help paper over a poor earnings report.

🥇Blackrock

Blackrock bought 570 more BTC on Tuesday ($38m). Also, check this out: IBIT alone now has the same AUM after 70 days that it took the Gold ETF GLD 800 days to achieve.

🥈 Ark

ARKB was a close runner up, with 500 BTC inflows ($33m). Hopefully that lifts their spirits after a tough couple of days.

🦨 Grayscale

A slight uptick in GBTC outflows yesterday, at 1000 BTC ($67m). Bringing total outflows to 316,000 BTC.

🧮 Total

Tuesday was another net positive day, with 470 BTC coming in ($33m).

Today’s bagholder spotlight is on a company called Global Retirement Partners. They are a “retirement planning consulting firm”, with: 440+ advisors, $140B AUM, and 1.6m customers.

Today they filed their 13F with the SEC, and it shows exposure to seven (!) of the bitcoin ETFs.

The most substantial holdings are of GBTC ($2.3m) and IBIT ($1.3M), then a bit less for FBTC and the others.

There’s a big, yawning chasm between those buys and $140B. Yes, like most other holders, just dipping a toe in. But the water is warm, and they’re leaning in…

That’s the state of bitcoin flows for this Wednesday.

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

— Julian