🌊 Friday Bitcoin Flows

Your Daily Bitcoin Flows update, from Apollo

Author

Julian Fahrer
April 26, 2024 • Estimated Reading Time: 6 minutes

Good morning.

Welcome to Flow State. It’s Friday April 26, and at the time of writing:

  • US national debt is $$34,585,387,993,554

  • One bitcoin costs $64,375

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Now, let’s dive in.…🌊🌊🌊

  • Consensys is suing the SEC. The company, one of the largest backers of Ethereum, says “The SEC’s unlawful seizure of authority over ETH would spell disaster for the Ethereum network.”

  • The SEC is likely to deny the Ethereum spot ETFs next month, according to Reuters. Issuers have had “discouraging meetings” with the agency recently.

  • Stripe will support global stablecoin payments from this summer.

  • Cantor Fitzgerald CEO Howard Lutnick said the bitcoin halving will be a “benefit for the next four years” and expects that “bitcoin will rally.”

  • Marathon plans to grow its hash rate to 50 exahash by the end of 2024, which would a 100% increase for the year. Undeterred by the halving!

Public Hodlers

🥇Franklin Templeton

Leading the pack yesterday, for the first time, was EZBC with an inflow of just 29 BTC ($2m). That should probably give you an idea of how the rest of the day went…

🦨 Grayscale

No change from GBTC, who sold 2157 BTC today ($139M). Takes their total outflows since launch to 320,000 BTC.

🧮 Total

It was a solid outflow day yesterday. In fact, at 3k BTC ($197m) it was the largest in about three weeks.

It wasn’t a sell-off across the board though. Rather, with the exception of GBTC, it was just flat. Fidelity lost 350, and IBIT did nothing. The real outflows were just Grayscale doing what it does best: losing bitcoin.

The silver lining is that this shows GBTC selling to be a separate process from the New Nine’s inflows. A lingering question since launch has been how much of the Nine’s inflows were just rotation from GBTC. It’s seeming more likely now that they’re independent.

Today’s bagholder spotlight in on BNY Mellon, whose 13F filing yesterday showed they have exposure to both IBIT and GBTC.

BNY is the oldest bank in the United States (founded by Alexander Hamilton himself), and by some measures a top 10 bank in the country.

They’ve has been friendly to bitcoin for some time, launching a digital assets custody platform back in 2022.

They have $2T under management, making them the biggest holder by AUM, and by a considerable margin.

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

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I’ll see you back here tomorrow.

— Julian