🌊 Saturday Bitcoin Flows

Your Daily Bitcoin Flows update, from Apollo

Good morning.

Welcome to Flow State.

Where the bitcoin flows, we follow.

Let’s dive in.…🌊🌊🌊

  • The House of Reps’ Rules Committee announced it will consider the FIT21 Act, which is legislation designed to increase regulatory clarity on digital assets.

  • India’s financial regulator has cleared Binance and a bunch of other exchanges to operate in the country. There had been a ban in place since December last year.

  • Bloomberg published a chart showing the time it took IBIT (49 days) and FBTC (77 days) to reach $10b in assets, compared to other successful ETFs. Spoiler: they crushed the record.

  • Ark has removed staking from its Ethereum spot ETF application. Staking is a yield that accrues to ETH holders, which arguably threatens its commodity status and is no doubt part of why the SEC is rumored to have slapped the ‘security’ label on it.

  • Jim Simons, the legendary investor and Medallion fund founder, has passed away. RIP

It was safe to get in water yesterday, as there was no appetite from the sharks at all. They sold off, while the Shrimp and Fish feasted.

Rough day on wall street yesterday. MARA and RIOT took the worst beatings.

🇺🇸 United States

🥇Blackrock

IBIT had the most inflows on Friday, taking in 205 BTC ($12.4m). They now hold 274,800 BTC.

 🔻Grayscale

GBTC ended the week with a big flush, sending out 1694 BTC ($103m). Total outflows 328,729 BTC since launch.

🧮 Total

Friday saw net outflows of 1391 BTC ($84.7m). The inflows were limited to IBIT and FBTC, and (somewhat unusually) Wisdom Tree’s BTCW. Everyone else was flat, except for GBTC.

🇭🇰 Hong Kong

The Hong Kong ETFs were flat on Friday. Flow-less.

Friday might have been the biggest day for 13F filings yet.

Wells Fargo turned up with a bag of GBTC. A little tiny bag ($120k). Still, they are the third largest bank in the country.

Then another major US bank emerged: PNC Bank is the 8th largest in the nation, and holds $10m spread across six ETFs.

None other than JP Morgan showed up too. Just with a $600k holding, more likely related to the fact that they’re an Authorized Participant for BITB, FBTC, and IBIT - rather than representing any real buying yet.

Speaking of IBIT, BlackRock filed their 13F yesterday too. They’ve got a $5.5m piece of IBIT, which isn’t a whole lot. By way of comparison. Ark has $176m in ARKB, and Van Eck has $85m in HODL - making them both the #1 holders of their own products.

Finally, the three biggest IBIT holders to date all filed yesterday:

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

Thanks, and I’ll see you back here next week.

— Julian