🌊 Wednesday Bitcoin Flows

Your Daily Bitcoin Flows update

Author

Julian Fahrer
May 29, 2024 • Estimated Reading Time: 7 minutes

Good morning.

Welcome to Flow State.

Where the bitcoin flows, we follow.

Let’s dive in.…🌊🌊🌊

  • Healthcare company Semler Scientific announced it will be executing the ‘Microstrategy playbook’, and adopt Bitcoin as a treasury reserve asset.

  • Franklin Templeton’s Digital Assets team published a short report on how the Bitcoin ETFs have “…Changed the Market Structure of Bitcoin.”

  • Grayscale released the result of a poll it conducted about the political preferences of crypto-owning voters, titled “Is 2024 the Bitcoin Election?” Spoiler: Yes.

  • Mt. Gox, the bankrupt exchange, has transferred 107k BTC ($9b) to a single address, in what looks to be part of their creditor repayment process.

  • Bitcoin ETNs began trading on the London Stock Exchange today. Jolly good.

  • Donald Trump, in case you missed it, spoke at the Libertarian National Convention on the weekend and promised to protect Bitcoin self-custody against “Elizabeth Warren and her goons.”

The food chain continues to redistribute in an upwardly direction. Whales were unstoppable again yesterday.

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Who are the top Bitcoin ETF whales? What are they holding, and what are their investment strategies?

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Welcome to the party, Semler Scientific! The announcement that they’re holding $40m of Bitcoin as a treasury reserve asset was received quite warmly by Wall Street. SMLR was up 24% on the day, and at the time of writing is up another 10% after hours.

🇺🇸 United States

🥇BlackRock

IBIT crushed it on Tuesday, with inflows of 1505 BTC ($102m).

Yesterday was also a special day for IBIT, as it finally flipped GBTC. Meaning BlackRock now holds more BTC than Grayscale, moving into the number one spot amongst all ETFs.

🥈 Fidelity

FBTC had a strong second placing showing, bringing in 505 BTC ($34m).

🔻 Grayscale

GBTC had its chunkiest outflow in a couple of weeks, losing 1550 BTC ($105m). Which, as we saw, was enough to finally demote it below IBIT for total BTC held.

🧮 Total

Despite GBTC’s best efforts, Tuesday was a net inflow day. Total was +632 BTC ($43m).

🇭🇰 Hong Kong

All Quiet on the Hong Kong Front. No flows in several days.

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

Thanks for reading, and I’ll see you tomorrow.

— Julian

ICYMI

In this week’s Deep Flow, we broke down the Ethereum ETFs: why they’re being approved, the political and regulatory changes influencing the SEC, and what happens next.

Check it out: