🌊 Saturday Bitcoin Flows

Your Daily Bitcoin Flows update, from Apollo

Author

Julian Fahrer
April 27, 2024 • Estimated Reading Time: 6 minutes

Good morning.

Welcome to Flow State. It’s Saturday April 27, and at the time of writing:

  • US national debt is $34,556,103,508,907

  • One bitcoin costs $63,114

If it’s your first time, you can subscribe here.

Now, let’s dive in.…🌊🌊🌊

  • Visa published a dashboard tracking the volume of bitcoin and stablecoins versus other payment networks.

  • Parker Lewis argues that unbacked paper money is antithetical to America’s founding values.

  • BoFA published 10 Macro Themes for 2024, including a predication that the US dollar “should peak in early ’24.”

  • Phoenix Wallet, a popular non-custodial wallet for Bitcoins Lightning network, is shutting down in the US. The French company behind Phoenix, ACINQ, cites recent actions from US regulators which raise the possibility of Lightning nodes being considered to be (and regulated as) money service businesses.

  • US Treasury Interest Payments are forecast to grow from $1T in March 2024, to $1.7T this time next year if rates are unchanged (according to BoFA).

  • The DTC has determined that as of Tuesday next week, no collateral will be given to companies for ETFs or any other vehicle that contains bitcoin or crypto as an underlying investment. Opinion is divided on the implications, though it may reduce risks from leverage and over-financialization.

Public Hodlers

🥇Ark

ARKB reversed the flow yesterday, with 85 BTC ($5.4m) coming in.

🦨 Grayscale

GBTC’s Friday outflows were 1275 BTC ($82M), taking their holdings down to 297,000 BTC.

🧮 Total

Daily

Friday was the third net negative flows day in a row. Around 1300 BTC ($82M) sold off.

Weekly

This week was the third biggest net negative flows week so far, and third negative one in a row. Nearly 7k BTC net outflows.

Another twenty-one 13F filings came in on Friday, and there weren’t any major fireworks. A couple of funds were noteworthy because of their allocation size.

Guild Investment Management is an LA-based boutique fund with $126 AUM. About 3.5% of that is split between GBTC and IBIT. They also just released a timely newsletter titled ‘Don’t Fear the Dip - Just Be Ready to Buy It’. Sound like bitcoiners to me.

We also took note of the US office of K.J. Harrison & Partners, a Canadian firm. According to filings the US fund has just $16m AUM, with almost 5% of that in IBIT.

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

If you enjoyed it, we’d appreciate you sharing it with someone through the link below. Every new subscriber helps us a lot.

I’ll see you back here on Tuesday.

— Julian