Stripped out a lot of woowoo but kept what I thought to be the important theory intact. I would have spent so much time bouncing around from tradition to tradition if it wasn’t for him.
Week 13
Net inflows: 484.5M
Total net inflows: 12.6B
New ATH in total net inflows but volume has dropped significantly. 2.8B/day this week vs 4.3B/day last week. One of the bankrupt entities seems to have finished liquidating their GBTC shares which was reflected in the outflows this week of 147M/day vs 241M/day last week.
Other news:
Burkett Financial Services (396M AUM) made a 13F filing disclosing that they had 602 shares of Blackrock's btc ETF for a total of 22000$. I tried to do the math of how much of Blackrock's total flow the $22k makes up and got 1.4896066084e-4. I don't even know what that means but they are absolute legends. First one to put their nuts on the table. Making up 0.005% of their AUM, I'm assuming that it was just one of their clients that asked to get an allocation to the ETF. Hope to see the ETFs in more filings in the coming weeks.
Goldman Sachs, UBS, Citigroup and Citadel and a couple others showed up as Authorized Participants in a filing by Blackrock for their ETF. Authorized Participants play the role of acquiring the underlying asset for ETF issuers in the creation/redemption process. They implement strategies and do some financial hocus pocus for a fee in order to acquire/sell btc as close as possible to the market price w the inflows/outflows of dollars from ETF issuers. With the large inflows and volume of the ETFs the largest players in this space are starting to see opportunities for revenue.
A German Asset management fund DWS (976B AUM) launches what I believe to be the first btc ETF equivalent. They brought in ~1M this week. Interested to keep track of this as Germany is the largest country by GDP in the EU but at the same time the EU has been pretty unfavorable towards digital assets compared to Canada and the US.
South Korea is having an election on April 10th and it seems both of the leading parties are dangling btc ETFs in some form to win more votes. ~10% of the population are involved in crypto and ~80% of them are between the ages of 20-39. Who knows if they will keep their promise but it’s good to see that both sides of the aisles acknowledge that, at the very least, having an anti-btc stance will hurt more than help.
Bought the dip on Tuesday. Estimated halving date is currently 4/20. Blaze it up.

Net weekly inflow: 845M
Total inflows: 12.1B
4 day trading week, managed to bounce back from outflows last week. GBTC outflows continue w daily average of 241M vs 400M daily average last week.
Other news:
Swiss citizens w a 3A pension plan (25.3B AUM) have access and can now allocate up to 5% of their portfolio to Blackrock's btc ETF.
London Stock Exchange (3.1T) is launching their equivalent of a btc ETF on May 28th but will only available to "professional investors" at the time of launch. I'm assuming that it will be rolled out to retail eventually. One of the US btc ETF providers spoke w investors/fund managers in the UK and gauged that demand for the product is minimal at the moment but optimistic on a longer time horizon.
Starting in April until mid May funds managing >100M will have to disclose their positions through 13F filings. Although just a snapshot in time it will give the market a view of whether there are any large players allocated to any of the btc ETFs. Reminder that even if the plumbing and ease of access to the ETFs are in place it does not mean that capital will come through the door. This will mostly be the job of marketing and education from ETF providers to fund managers and down the chain to individual advisors. There is still a good amount of career risk in recommending allocation to btc which has been decreasing since approvals of the ETF and could drop dramatically if the 13Fs reveal some large institutional household names.
WisdomTree (100B AUM) one of the btc ETF providers was approved to allocate to btc in two of their funds totaling 320M. Even the ETF providers themselves have to go through proper due diligence and filings to allocate to their own product to funds they manage.
https://m.primal.net/Hppm.jpghttps://m.primal.net/Hppo.jpghttps://m.primal.net/Hppp.jpghttps://m.primal.net/Hppq.jpg
There are definitely scenarios in which they attempt a fork. Whether they are successful or not will come down to how much hashrate they own/invested in I think.
Notes by bob | export