Welcome back to your daily update on institutional Bitcoin flows.

Now entering the flow state…🌊🌊🌊

🥇 Blackrock

IBIT took the lead again after taking Monday off, with 1.9k BTC (~USD $130m) inflows.

🦨 Grayscale

GBTC outflows slowed yesterday compared to Monday, but still saw another 2.3K BTC go out the door. (~USD $155m).

🧮 Total

Basically a break-even day overall, with a small outflow of 270 BTC (~USD $19m)

High Fidelity Analysis

• It appears the Bureau of Labor Statistics has a secret group of ‘super users’, including Blackrock and JP Morgan, that it gives special access to inflation data. As if we needed more reason to doubt the official inflation narrative…

• Deutsche Bank surveyed their customers about bitcoin, and they’re a bunch of bears: only 10% predict BTC above $75k by year’s end, with a third predicting a dip to $20k.

• $4T asset manager State Street predicts a 0.5% interest rate cut from the Fed by June, and 1.5% by the end of the year. Buckle up.

• The second annual Bitcoin Policy Summit was hosted by the Bitcoin Policy Institute in Washington DC. A number of policymakers participated in talks on subjects like ‘Mining in America’, ‘Bitcoin & Financial Inclusion’, and ‘Bitcoin Against Autocracy’.