Bitcoin's Biggest ETF Just Took In $665 MILLION. So Who's Still Selling? | Alex Thorn

Galaxy Head of Firmwide Research Alex Thorn and Arch Public's Andrew Parish join Scott Melker to unpack BlackRock's $665 million IBIT inflow, who is still selling Bitcoin, and what ETF flows really tell you. They explain how creations and in-kind conversions drive ETF flows, BlackRock's new Bitcoin ETF filing, JPMorgan's 10% Bitcoin return forecast and Morgan Stanley's push into the space. Alex shares his data on Bitcoin's shallow drawdown, who has been buying, the self-custody crisis after the Ledger supply-chain scare, companies opting out of tokenized stock and old-coin distribution. The show closes with Arch Public on AI-executed investing and 24/7 markets. In this episode:00:00:00 Intro: IBIT takes in $665M while other ETFs see outflows00:03:00 How ETF flows and in-kind conversions really work00:06:00 BlackRock's new Bitcoin ETF and JPMorgan's 10% forecast00:11:00 Morgan Stanley, wealth managers and crypto lending00:16:00 Bitcoin's shallowest drawdown and falling volatility00:24:00 Who is really buying Bitcoin right now00:30:00 The self-custody crisis: Ledger, supply chains and multisig00:38:00 Tokenized stocks and companies opting out00:45:00 OG holder distribution and lost coins00:52:00 Arch Public, AI investing and 24/7 markets Alex Thorn on X: https://x.com/intangiblecoinsGalaxy Research: https://www.galaxy.com/insights/research Watch this episode on YouTube: https://www.youtube.com/watch?v=D9_IEXM8Ux0 If you enjoyed this episode, follow the show and leave a rating. It helps more than you know. Follow Scott Melker:Watch on YouTube: https://www.youtube.com/@ScottMelkerFollow Scott on X: https://x.com/scottmelkerThe Wolf Den newsletter: https://thewolfden.substack.comThe Daily Wolf on Yahoo Finance: https://finance.yahoo.com/videos/series/daily-wolf/ Learn more about your ad choices. Visit megaphone.fm/adchoices