Welcome back to your daily update on institutional Bitcoin flows.

Now entering the flow state…🌊🌊🌊

🥇 Bitwise

Bitwise was out in front yesterday, but it was only with a modest inflow of ~600BTC (~USD $43m).

🦨 Grayscale

GBTC leaked like a sieve again on Monday, with 4.2K BTC outflows (~USD $300m). Crossing the 300k BTC outflows mark since launch.

🧮 Total

As you might have guessed, Monday was a pretty solid outflow day, with ~3.1k BTC (~USD $214m) heading out.

VCs Creeping Back

Bloomberg reported yesterday on the return of VC funding to the ‘Crypto’ ecosystem. Startups raised $2.5B in Q1 2024, a 32% increase on the previous quarter.

• Major financial institutions in Hong Kong are reportedly applying for and deploying Bitcoin ETFs. Harvest Fund and China Southern Fund are two of the likely players, according to the Securities Times. The report says that ETFs may be listed as soon as Q2.

• Meanwhile, Chinese investors FOMO’d into a Gold ETF so hard that it halted trading. Yeah, I think they might have an appetite for hard money.

• In other news from Asia, a listed company in Japan - Metaplanet - announced that they will be adopting the ‘Microstrategy playbook’ and embracing Bitcoin as a “core treasury asset” and committing an initial JPY 1 billion (~USD $6.5 million).