Welcome back to your daily update on institutional Bitcoin flows.

Now entering the flow state…🌊🌊🌊

🥇 IBIT

BIG day at Blackrock yesterday with 4.5k BTC inflows (~$305m) - the most they’ve had in over a week.

🦨 GBTC

Grayscale was again the biggest loser, with chunky outflow of 2.9K BTC (~$200m).

🧮 Total

Overall, another solid day with +3k net BTC inflows

Microstrategy 📉 

MSTR had tough day yesterday, down nearly 11%. Still trading at a healthy premium of 1.9x NAV.

• Blackrock has added Goldman Sachs, UBS, Citigroup, Citadel are added as Authorized Participants

  • Reminder: APs are authorized to directly transact with Sponsors (i.e. Blackrock) for share creation and redemption. Read more here.

• Genesis have now sold 32k BTC (~$2B) worth of GBTC shares. Might be done selling now?

• Yesterday was the 91st anniversary of Executive Order 6102: when FDR outlawed and confiscated everyone’s gold. A pivotal moment in American (and Bitcoin) history.

• Bhutan plans to increase its Bitcoin mining operations by 500%.

• South Korea President promises access to US Bitcoin ETFs in campaign pledge.