• Balaji Srinivasan wrote a piece on X titled ‘MAXIMALISM WILL RISE’, about the likely adoption of bitcoin by young people who are disproportionately feeling the pain of inflation.

• Cash App and Square announced that as of yesterday, any merchant using Square will be able to convert 1-10% of payments to bitcoin.

• Hong Kong Bitcoin ETFs are launching April 30.

• Bitwise CIO Matt Hougan’s weekly memo contains five predictions of things to expect by the next halving, including (spoiler) that he forsees $200B+ of flows into the ETFs.

• VanEck Digital Assets Alpha Fund portfolio manager Pranav Kanade was quoted in an Axios piece on the Bitcoin halving: "The theme this year is Bitcoin, not Ethereum nor altcoins."

• Morgan Stanley is exploring how they’ll allow their 15,000 brokers to sell the bitcoin ETFs.

🥇Fidelity

FBTC had the most inflows yesterday, but that’s not saying much. 86 BTC ($5.6m) was enough for the top spot.

0️⃣ Blackrock

After 71 straight days of inflows - just enough to crack the top ten inflow streaks of all time - IBIT finally had a flat day. 0 BTC.

🦨 Grayscale

GBTC outflows doubled from Tuesday to Wednesday, with 2000 BTC going out yesterday ($130m). Bringing their total outflows to 318,000 BTC.

🧮 Total

Outflows overall on Wednesday, with 1900 BTC heading out ($120m).

27 more 13F forms were filed by funds declaring ETF ownership, but a couple stood out. Oxler Private Wealth, and Newbridge Financial Services Group both went straight to the top of the IBIT holder standings (by portfolio allocation %).

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

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

— Julian