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š Friday Bitcoin Flows
Your Daily Bitcoin Flows update, from Apollo
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Good morning.
Welcome to Flow State.
Where the bitcoin flows, we follow.
Letās dive in.ā¦ššš
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The Senate has voted to overturn SAB 121 by a margin of 60 to 38. All eyes are now on Biden to see if he vetoes it, which heās previously indicated he will. He has 10 days to decide how badly he wants to galvanize a vocal and well-funded crypto lobby against him before the election.
Rep. Thomas Massie, a Kentucky Congressman, introduced the āEnd the Fedā Bill to do as the name would suggest, stating that āThe Fed devalues our currency by monetizing the debt, causing inflation.ā Fact check: True.
Chicago Mercantile Exchange (CME) is considering offering spot bitcoin trading to its clients.
Checkmate, a bitcoin on-chain analyst, describes how the current BTC trading period can be characterized as āQuiet and Trendingā.
Bitcoin mining stops renewable energy waste in micro-grids and decarbonizes power production, according to a new study.
Cornellās Brooks School Tech Policy Institute is funding a $1m project to study the relationship between bitcoin and financial freedom under authoritarian governments.
Laura Shin asks, about the long-hyped overtaking of bitcoin by Ethereum, āIs the āFlippening Dreamā Overā? Answer: Yeah, probably.
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It was a role reversal for Sharks and Whales on Thursday. The former lost and the latter gained. They seem to be going back and forth on a daily basis.
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Pullback for the equities on Thursday. COIN was down the most, 9.4%, likely due to the CME news.
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šŗšø United States
š„BlackRock
IBIT was back in the driverās seat after taking Wednesday off, taking inflows of 1430 BTC ($94m) yesterday. In case anyoneās forgotten, thatās more than 3x all the new bitcoin mined for the day.
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š„ Fidelity
FBTC was right behind, taking in 1022 BTC ($67m). Thatās more than 3k BTC for Fidelity in 48 hours.
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š„Ark
Close behind in third place was ARKB, with inflows of 940 BTC ($62m).
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š§® Total
Another healthy day of net inflows, with 3.9k BTC ($257m) bought up. Other notable inflows were Valkyrieās BRRR with 282 BTC ($18.5m), and GBTC pulling off another increasingly less-rare inflow day of 70 BTC ($4.6m).
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šš° Hong Kong
Hong Kong zigged while the US zagged, and had outflows to the tune of 198 BTC ($13m).
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Letās take a quick peek at some of the numbers for Q1ās 13F filings, shall we?
There were ~940 unique 13F filers (subject to late arrivals), at just over $10b allocated in total.
Hereās breakdown of the number of holders, and market value of, holdings of the individual ETFs:
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And hereās where they are in the world. Naturally, āMerica #1.
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Also - re: above - today I learned about Jersey, a self-governing āchannel islandā situated between France and the UK.
My research (cough, ChatGPT) surfaced that Jersey is something of a tax haven, with no capital gains or corporate taxes. Do with that information what you will.
Oh also, if you want to dig into all the ETF holders, this is your second reminder that the inaugural issue of our weekly newsletter, Deep Flow, will reveal the juicy details on Monday.
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Thatās the state of bitcoin flows for this Friday.
Iāll see you back here tomorrow.
ā Julian