The Flow podcast feat. Alex Ryvkin, Rho Protocol
May 18, 2025 | Finery Markets
TL;DR
Bitcoin surges past $104K after spot ETF inflows hit their highest since January and short-term holders enter profit.
Mubadala increases its BlackRock IBIT position to 8.7M shares; Goldman, Avenir, and Citadel also disclose large holdings.
Méliuz becomes Brazil’s first listed Bitcoin treasury firm, following a 116% rally in its stock since March.
Finery Markets posts record-breaking $6.9B in April turnover, continuing its 2025 streak of all-time highs.
FTX will begin $5B in creditor repayments on May 30, with distributions handled by Bitgo and Kraken.
Wintermute opens a New York office and hires Ron Hammond to lead U.S. policy efforts amid regulatory shifts.
Bitcoin reclaimed the $104,000 level last week, marking a sharp recovery from its mid-April lows and fueling renewed optimism among both institutional and retail investors. After briefly dipping to $75,000 earlier in the month, the market shifted into accumulation mode — a trend that has been visible in both ETF flows and spot exchange activity. Glassnode reported that average daily net inflows into spot Bitcoin ETFs peaked at nearly $390 million during the week of April 25, with a single-day inflow of $933 million on April 22 — the strongest since January.
The rally has been especially favorable for short-term holders, many of whom bought in around the $93,000 to $95,000 range. According to Glassnode, over 90% of those coins are now sitting in unrealized profits. This backdrop has naturally led to some profit-taking, and with technical indicators showing mild overbought signals, analysts like Valentin Fournier at BRN are cautioning that a short-term cooling could be ahead. Still, the recent dip in ETF inflows to around $58 million per day hasn’t shaken confidence — for now, the broader uptrend remains intact.
That said, market participants are closely watching how things evolve going into May. While momentum is still strong, particularly with institutional demand and low exchange inventories, the rally has begun to show signs of deceleration. If Bitcoin does correct, the $93K–$95K zone could act as a key support level, offering a reset before any attempt to push higher.
In its latest 13F filing, Abu Dhabi’s Mubadala Investment Company revealed it had increased its stake in BlackRock’s IBIT — the world’s largest spot Bitcoin ETF — to more than 8.7 million shares. Although the dollar value of its position dipped slightly at the end of Q1 due to market fluctuations, the new holding would now be worth roughly $512 million at current prices.
Mubadala’s move was just one of several high-profile adjustments among institutional holders of Bitcoin ETFs. Citadel Advisors more than doubled its IBIT shares to 3.1 million, while Asian investment firm Avenir reported holding nearly 15 million shares, making it the largest IBIT holder outside the U.S. Goldman Sachs, meanwhile, now tops the leaderboard with over 30 million shares as of March 31. And while Wisconsin’s State Investment Board exited its IBIT position, it added exposure to Bitcoin indirectly through stakes in MicroStrategy and Coinbase.
The trend is clear: major institutions are fine-tuning their Bitcoin exposure across both direct and indirect channels. What stands out is the widening base of adopters — from sovereign wealth funds to pension boards and hedge funds — who appear to view these positions as more than just speculative. For many, this is a longer-term strategic play in response to shifting macro narratives and evolving regulatory clarity.\
Brazilian fintech Méliuz has become the country’s first public company to formally adopt a Bitcoin treasury strategy. The company announced it had acquired 274.5 BTC for $28.4 million, bringing its total holdings to just over 320 BTC. The move was backed by shareholder approval and follows a growing global trend of listed firms using Bitcoin as a reserve asset.
The firm’s pivot appears to be paying off quickly. Since making its first Bitcoin purchase in March, Méliuz’s share price has jumped more than 110%, according to Google Finance data. And it’s not alone — other companies like Metaplanet and Strategy (formerly MicroStrategy) have seen similar share price momentum after moving into Bitcoin. Méliuz stated its goal is to grow BTC exposure over time using “corporate and capital market structures.”
The announcement coincided with similar moves from other firms. New York-based DayDayCook said it plans to accumulate 500 BTC in the next six months and 5,000 over the next three years. Together, these moves reflect a broader shift: corporate treasuries are beginning to treat Bitcoin not just as a hedge, but as a long-term strategic asset.
Finery Markets continues to break records. In April, the company recorded $6.9 billion in monthly turnover — a 92% year-over-year increase and its fourth consecutive all-time high in 2025. The growth was driven by increased activity from over 140 institutional clients using the platform’s non-custodial trading infrastructure.
CEO Konstantin Shulga said that the strong performance reflects more than just rising volumes — it highlights growing demand for reliable trading infrastructure as institutions deepen their presence in crypto. “Institutions are looking for dependable technology to support their long-term strategies, and we’re proud to be their go-to partner,” Shulga said.
With positive operating income and consistent growth, Finery Markets appears well-positioned to capitalize on the next wave of institutional adoption. As digital assets become an increasingly strategic asset class, infrastructure providers like Finery Markets are playing a central role in bridging the gap between traditional finance and decentralized markets.
More than 18 months after its collapse, FTX is preparing to begin repaying creditors under its Chapter 11 bankruptcy plan. The estate confirmed that over $5 billion will be distributed to eligible claimants starting May 30, with funds sent via Bitgo and Kraken. Most recipients should receive payments within one to three business days.
The payouts are being made in cash — pegged to November 2022 account balances, when Bitcoin was trading around $16,000. That’s left many former customers frustrated, as it means they won’t benefit from the price recovery since then. Still, the estate’s ability to pay back customers in full — largely thanks to FTX’s stakes in firms like Anthropic and Solana — is seen as a relative success, given the scale of the collapse.
From a market standpoint, the reintroduction of billions in capital could prove significant. Some analysts are suggesting a portion of these funds will cycle back into crypto markets — adding fuel to the current uptrend. While it remains to be seen how recipients choose to allocate those funds, the sentiment on X (formerly Twitter) has already turned bullish, with traders eyeing potential reinvestment.
Wintermute is officially expanding to the U.S. with a new office in New York City, marking its first U.S. base as the firm looks to deepen its institutional footprint. The move reflects a growing sense of regulatory optimism under the current U.S. administration, with friendlier leadership now heading the SEC and other key financial agencies.
As part of the expansion, Wintermute has appointed Ron Hammond — a well-known policy expert and former Blockchain Association lead — as its new head of U.S. policy and advocacy. Hammond’s previous experience includes time on Capitol Hill as a policy adviser on crypto regulation. His addition signals Wintermute’s intent to play a more active role in shaping digital asset policy going forward.
CEO Evgeny Gaevoy noted that the firm sees “tremendous opportunity” in the U.S. market and emphasized the importance of establishing roots in New York, which remains a global financial hub. With several other crypto firms also expanding stateside, Wintermute’s move underscores a broader shift in sentiment: the U.S. may once again be seen as fertile ground for institutional crypto growth.
Disclaimer: This newsletter is provided for informational purposes only and does not constitute investment advice, financial guidance, or an offer to buy or sell any securities or digital assets. Readers are encouraged to conduct their own research and consult with a qualified financial advisor before making any investment decisions. Finery Markets is not responsible for any actions taken based on the information contained herein.