🌊 Tuesday Bitcoin Flows

Your Daily Bitcoin Flows update, from Apollo

Author

Julian Fahrer
April 30, 2024 • Estimated Reading Time: 5 minutes

Good morning.

Welcome to Flow State.

Where the bitcoin flows, we follow.

Let’s dive in.…🌊🌊🌊

  •  ðŸ‡­ðŸ‡° Hong Kong bitcoin ETFs are live. See below for the day 1 results.

  • The SEC has considered Ethereum to be a security for more than a year, according to lawsuit documents revealed yesterday.

  • Australia is reportedly going to approve the bitcoin spot ETFs for listing on the ASX by the end of 2024.

  • Morgan Stanley filed a prospectus with the SEC indicating that 12 of its funds may have bitcoin exposure.

  • We published a piece explaining the Gold ETF history, and how the bitcoin experience compares

Public Hodlers

🇭🇰 Hong Kong

  • ChinaAMC's Bitcoin ETF launched with $121m USD (~1950 BTC) via its initial offering period. Slightly below the first day issuance size of US Bitcoin Spot ETFs ex GBTC ($125m)

  • ChinaAMC's Eth ETF launched with $20m USD.

  • These flows are private ETF share purchases made prior to the opening launch to facilitate initial trading volume.

  • As it turns out the initial issuance size was larger than necessary to facilitate the demand for the ETFs.

  • Day one of trading saw just $8.8m of volume for the Bitcoin ETFs and $2.6m for the Eth ETF

🇺🇸 United States

🥇Bitwise

BITB led the pack on what was a slow state-side flow day overall, taking in 108 BTC ($7m).

🦨 Ark

In a rare event, GBTC was not the biggest source of BTC outflows. ARKB took that honor on Monday, sending out 490 BTC ($31m).

🧮 Total

Monday was a negative outflow day overall thanks to Ark, Fidelity and GBTC all being solid sellers. 825 BTC total went out ($52m).

A flurry of 13F reports were filed on Monday. For our new readers - these are the documents funds file with the SEC to declare ownership of the bitcoin ETFs (and other things too).

Two regional bank were among the notable names. There was First United Bank, headquartered in Oklahoma with $13.5B AUM. And also Stock Yards Bank, based in Kentucky with $8B AUM.

They join a couple of other regional banks of Midwest origin on the hodler list: City State Bank which was originally out of Iowa, and American National Bank whose roots are in Missouri.

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

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I’ll see you back here tomorrow.

— Julian