🌊 Tuesday Bitcoin Flows

Your Daily Bitcoin Flows update

Good morning.

Welcome to Flow State.

Where the bitcoin flows, we follow.

Let’s dive in.…🌊🌊🌊

  • Ethereum ETF approval odds are moving up, and taking the market with them. Bloomberg’s Eric Balchunas estimates the approval odds at 75%.

  • Grayscale CEO Michael Sonnenshein resigned, and former Goldman Sachs executive Peter Mintzberg was appointed new CEO. Let that be a lesson to any of you budding bitcoin ETF issuers out there. Don’t lose 330k BTC in four months.

  • The judge ruled in the lawsuit against the serial pest and vexatious litigant known as Craig Wright, stating that Wright’s “biggest fraud” (of which there were many), was “his claim to be Satoshi Nakamoto.”

  • Bitwise President Teddy Fusaro extinguishes some FUD around IBIT’s BTC custody, explaining how the account architecture at Coinbase works.

  • Messari Crypto Founder Ryan Selkis airs some dirty laundry concerning Congress, Sam Bankman-Fried, and the Democrat anti-crypto agenda ahead of the FIT 21 vote this week.

Did the whales know the pump was coming? They’ve been gobbling up corn non-stop for at least a week, and with particular gusto over the past 24 hours. The Shrimps and Crabs picked the wrong time to put the proverbial fork down.

Green, as far as the eye can see. Like the springtime Mongolian steppe.

🇺🇸 United States

🥇Ark

ARKB came out ahead in a close three-way race for the most inflows on Monday, buying up 1020 BTC ($72m).

🥈 BlackRock

IBIT was right behind, with inflows of 960 BTC ($68.3m).

🥉 Fidelity

FBTC was in third place, pulling in 930 BTC ($66m).

🧮 Total

Monday brought net inflows of 3520 BTC ($250m), on what was a rather explosive day in bitcoin. Bitwise had another great day, bringing in 346 BTC ($24.6m). And while it was bit of a mixed day at Grayscale, given the CEO switcharoo, the good news is they brought in 140 BTC ($10m), for their fourth day of inflows in a row.

🇭🇰 Hong Kong

Hong Kong continues to mill around just under the 4K total BTC mark. Slight inflows again on Monday, which was really just Bosera pulling in 95 BTC ($6.7m).

Today’s bagholder spotlight is on Titan, a wealth management fintech that went through Y Combinator in 2018, with aspirations of “vying to be the default for our generation's wealth.” (Where ‘our’ is presumably code for ‘non-boomer’).

Titan’s $61m allocation to IBIT is roughly 7% of their $882m AUM, making them the 8th largest pound-for-pound bitcoin ETF holder (check out the Q1 leaderboard here).

IBIT is in fact the only product in Titan’s ‘Crypto’ offering. Which might strike you as a bit conservative for ‘our generation’.

But that may have something to do with Titan getting in some hot water with the SEC last year. It seems in 2021 they had a few compliance whoopsies, including misleading disclosures about custody of clients’ assets, and advertising annualized returns “as high as 2,700 percent.”

Look, 2021 was a wild time. Who amongst us didn’t make some poor decisions.

In any case, they’ve smartened up are letting BlackRock take the wheel from here.

Kudos, Titan.

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

I’ll see you back here tomorrow.

— Julian