Sponsor Flow State

• Franklin Templeton argues in an op-ed that decentralized finance (DeFi) on Bitcoin is an emerging $1T market opportunity.

• ETF.com wrote a feature about Fidelity’s spot Bitcoin ETF (FBTC)

• Charles Edwards, founder of Capriole Investments, addresses the elephant in the room: “Why aren't we at $100,000 yet?”

• Fidelity’s Jurien Timmer answers, “What’s behind the secular bull market of the past 15 years?”

• Donald Trump reportedly pitched himself as the ‘crypto President’ at a fundraising event in San Francisco attended by Big Tech heavy hitters.

• Analysis of Congress’ voting on the FIT21 bill, which would legislate a new framework for registering digital assets as either commodities or securities, shows that crypto may be increasingly a hot political issue for swing voters.

If you’re wondering what happened to BTC yesterday, it might have something to do with Whales putting the fork down, so to speak.

SMLR bucked the rest of the market yesterday by posting a solid gain.

🇺🇸 United States

🥇BlackRock

IBIT was simply unstoppable yesterday. Unfazed by the minor BTC dip, they acquired 2450 BTC ($132m).

This capped off a spectacular week, in which IBIT bought in total 13426 BTC ($932m). And that was with zero inflows on Monday!

🥈 Ark

ARKB had a small bounceback after dramatic outflows on Thursday, bringing in 99 BTC ($6.9m).

🔻Grayscale

And GBTC did what they do best, sending out 524 BTC ($36.3m).

🧮 Total

Friday saw total net inflows of 1901 BTC ($132m), making it 19 days in a row of inflows overall.

🇭🇰 Hong Kong

Bitcoin ETFs

Quiet end to the week in Hong Hong. Bosera Hashkey had a rounding error of an outflow (5 BTC). And that was it.

BTC vs. ETH

Nothing on the ETH side either. Flowless couple of days.

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

Thanks for reading, and I’ll see you next week.

— Julian

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