🌊 Wednesday Bitcoin Flows

Your Daily Bitcoin Flows update

Good morning.

Welcome to Flow State.

Where the bitcoin flows, we follow.

Let’s dive in.…🌊🌊🌊

  • Bitwise CIO Matt Hougan argues that “the market is undervaluing the impact of Washington's changing attitude towards crypto” in his latest memo.

  • Thailand has approved a spot Bitcoin ETF. Same-same, but different.

  • Fidelity’s Director of Global Macro Jurrien Timmer argues that we’re in “the fifth inning” of this cycle’s bull run.

  • SEC Commissioner Mark Uyeda was asked about President Biden’s veto of the resolution to overturn SAB 121, and said the rule “undercuts our system of checks and balances”, and that “SAB 121 ought to be withdrawn.”

  • Bloomberg Economics said that official sources probably overstated job growth by 730,000 last year.

  • Bitcoin analyst Willy Woo argues that the previous cycle was characterized by a dominance of futures trading versus spot, which dampened volatility. However, the spot ETFs might mean that spot dominance is returning, and thus this cycle might be a return to the wild old days.

  • BlackRock interviewed Lightspark CEO David Marcus about why we need to move beyond the “1970s payment technology” still used today.

More hefty accumulation from the Whales yesterday, which really has been the story for a few weeks now.

Mostly positive day for stocks. See for yourself:

🇺🇸 United States


Sweet Satoshi! FBTC opened up a black hole yesterday, sucking in 5380 BTC ($379m). That was a top 5 day for them all time, and they now have 170k BTC in cold storage.

🥈 BlackRock

Not to be outdone by too much, IBIT had a massive day too. Inflows of 3839 BTC ($275m). Which brings them to 295k BTC total.


ARKB also had a solid one, taking in 1970 BTC ($139m). They now hold just under 50k BTC.

👏 Bitwise

BITB was no slouch either, securing inflows of 865 BTC ($61m). Bringing their total under management to 38k BTC.

👏 Grayscale

And special mention to GBTC, who bought 400 BTC ($28m) of their own.

🧮 Total

Well, as you’ve probably gathered, it was a knockout day yesterday. Total net inflows of 12.5k BTC ($887m). Which by my count (and eyeballing the chart below), makes it the third best inflow day since launch.

You heard it here first: Second Wave Summer has arrived.


🇭🇰 Hong Kong

Bitcoin ETFs

Hong Kong had a rather milquetoast day, in comparison to the US of A. Harvest lost 32 BTC, and Bosera Hashkey gained 5. Still a touch over 4k BTC held between the three ETFs there.


And finally, a new edition to the daily update: comparing the total value held in the Bitcoin and Ethereum ETFs in Hong Kong.

After a couple of weeks of no real difference between the two, it looks like BTC might be breaking out. TBC.

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

Thanks for reading, and I’ll see you tomorrow.

— Julian

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