• El Salvador has launched a dashboard where you can track their bitcoin treasury. The govt there has been buying 1 BTC per day since November 2022.

• The SEC has rejected Coinbase’s appeal in their ongoing lawsuit, stating that, contrary to CB’s position that they’re operating under a cloud of regulatory uncertainty, “Coinbase just does not like the answer. Having made the weather, Coinbase cannot now complain that it is raining.” Perhaps a surprisingly snarky line from a regulator that may now be causing political difficulties for the Biden administration.

• Joe Biden has issued an order prohibiting a crypto mining company owned by Chinese nationals from acquiring property near an Air Force base in Wyoming.

• Ron Hammond, Director of Government Relations at the Blockchain Association, wrote a handy thread summarizing ‘This week in Congress and crypto’.

• Jurrien Timmer, Director of Global Macro at Fidelity, published his Weekly Asset Allocation Review.

The Whales appear to have reversed course from a week ago, and have been selling off since. The Crabs and especially Sharks have been the primary beneficiaries.

MSTR had the biggest gain yesterday, rebounding along with the BTC price. Mixed day for the miners though, who really can’t seem to catch a break recently.

🇺🇸 United States

🥇Fidelity

FBTC had the strongest start to the week, taking inflows of 615 BTC ($38.6m).

 🥈Bitwise

BITB also had a commendable Monday, with inflows of 325 BTC ($20.3m). They now HODL 34,100 BTC - an all time high.

🧮 Total

It was net inflows on Monday, to the score of 1.1k BTC ($66m). In fact, there were no outflows at all. IBIT and GBTC were flat, but FBTC and BITB (above), and HODL (114 BTC), raised the tide for the day.

🇭🇰 Hong Kong

Hong Kong had a solid sell off on Monday; their biggest outflow day since launch.

AMC sold off 246 BTC ($15.5m), Bosera Haskkey lost 118 BTC ($7.4m), and Harvest send out 156 BTC ($9.8m).

We’re on the final stretch before Q1’s 13F filing deadline on Wednesday, and like a college term paper it seems most of the class has left it to the last minute.

86 funds filed yesterday, and there were plenty of highlights.

Let’s get the biggest name out of the way first. UBS grabbed headlines, though with a bite-sized allocation of $130k in IBIT (and 16 shares of Valkyrie’s BRRR for some reason).

There was action north of the border yesterday, with two big Canadian banks filing. First the Canadian Imperial Bank of Commerce, a USD $220b bank with a $7.2m allocation split between GBTC and IBIT. Then, one of Canada’s ‘Big Five’ joined the party: the Bank of Montreal, with $1.1m between GBTC and FBTC. A modest allocation to be sure, but not bad considering in 2018 it literally banned customers from buying bitcoin.

While we’re on the subject of banks, Truist Financial filed as well. A top ten US bank, Truist has $530B+ in total assets and now holds $2m between GBTC and IBIT.

Now let’s get to the whales.

Franklin Templeton showed up yesterday, announcing a $20.5m piece of their own ETF. That makes them the largest EZBC holder to file so far.

Envestnet, a gigantic $6T US Fintech/Asset Manager, has $55m across six ETFs, the majority in FBTC.

Multicoin Capital is a crypto hedge fund infamous for losing 55% of their portfolio when FTX blew up. But they’re still alive! Very much so in fact: their $74m stake is not only the second largest for any GBTC holder, but also represents a tidy 5.5% of Multicoin Cap’s AUM.

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

I’ll see you back here tomorrow.

— Julian