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• The Wall Street Journal published a 5 min video, asking “Will this year’s crypto rally be any different than 2021?”, and discuss how ‘institutionalization’ makes this time different.

• Semler Scientific (SMLR) announced it purchased another 247 BTC for $17m, as part of their ‘Saylor Strategy’ to acquire Bitcoin and hold it on their balance sheet.

• Robinhood announced they’re acquiring the global crypto exchange Bitstamp for $200m (2827 BTC), and will be using it to build their first institutional crypto business.

• Kraken is reportedly looking to raise a ‘pre-IPO’ funding round of $100m. Given all their SEC troubles, this seems like an optimistic shift.

• Vijay Boyapati, author of ‘The Bullish Case for Bitcoin’, explains why, according to a lawsuit from the New York State Attorney General, that ex-Grayscale CEO Barry Silbert was “part of one of the most consequential crypto market frauds of the last decade.”

• Hulk Hogan allegedly launched a meme coin ($HULK), then immediately sold out and deleted his promotional posts. All in one day. If true, it appears he may found a new finishing move, replacing the Leg Drop with the much more devastating Rug Pull.

Whale, whale, whale, what do we have here?

SMLR and MSTR, marching in lockstep and down on the day. Miners were up, including RIOT who weathered the Kerrisdale attack.

🇺🇸 United States

🥇BlackRock

IBIT had another monster day, really a solo starring role. They brought in 4.9k BTC ($347m). They now hold over 300k BTC - that’s 1.4% of all Bitcoin that will ever exist. Acquired since January.

🔻Ark

ARKB had an abrupt reversal yesterday, pumping the outflows to the tune of 1360 BTC ($96.6m).

🔻Grayscale

And similarly, GBTC outflows were back on the menu, as they sent out 530 BTC ($37.6m).

🧮 Total

Despite IBIT really being the only strong performer on Thursday, it was yet another net inflow day, of 3035 BTC ($215m). That makes it 18 in a row. Fidelity and Bitwise both had soft days (+44 and -44 BTC, respectively),and that was about it. Yesterday was really the BlackRock show.

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

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

— Julian

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