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ETH Exchange Outflows Outweigh Inflows In Anticipation of ETH-PoW Airdrop
ETH outflows from exchanges outweigh inflows, blockchain gaming continues to attract investors, and Binance...📊 ETH Exchange Outflows Continue to Outweigh Inflows Large amounts of ETH have continued to leave...Since March 15th, ETH outflows have outweighed inflows, as more than 323k ETH has left exchange wallets...
5 Min
Layer 1 / L1
Sep 2022
Stablecoin Inflows, zkSync Soars, & Loan Trends
Stablecoin Growth On the Rise Stablecoins grew substantially the past month, with the Top 5 Stablecoin Marketcap growing from $129B […]...
3 Min
DeFi
Dec 2021
April Showers… May Flowers? - Macro & Markets May 2025
Bitcoin ETFs absorbed more than $3 billion in net inflows during May, driving BTC back above $109,000...Between May 3 and May 23, miners consistently added to holdings, with inflows peaking mid-month....Ethereum ETFs showed early signs of rotation, with nearly $500 million in inflows as investors began...
25 Min
Macro & Markets
Jun 2025
Market Musings - April Showers Bring May Flowers
BTC Spot ETFs — May Flowers Blossom Into $2Bn Of Net Inflows Reminder, Delphi’s BTC Spot ETF Flow Tracker...This is the first time in over two months that we’ve seen such consistent inflow levels....The final week of the month has been less impressive in terms of inflow magnitude (~$400m this week vs...inflow statistics.
8 Min
Macro & Markets
Jun 2024
If the ETF Era Made Bitcoin Investable, the 401(k) Era Could Make It Unavoidable
...billions of dollars, even minor shifts in allocation – fractions of a percent – represent material inflows...In BTC terms, annual inflows reaches 12,500 BTC by 2032....By 2029, modeled inflows absorb around 20% of miner issuance, gradually rising to about 30% by 2032....By comparing modeled retirement inflows against miner issuance and ETF demand, we can assess how even...
22 Min
Macro & Markets
Nov 2025
Summer Doldrums Not So Dull - Macro & Markets June 2025
This stability reflects a grounded market response, bolstered in part by strong BTC spot ETF inflows,...While May marked the start of renewed inflows, June confirmed it was not a one-off....The consistency of inflows over the past two months suggests allocators are rotating back into ETH exposure...
14 Min
Macro & Markets
Jul 2025
Was The Merge A 'Sell The News' Event?
Heading into the Merge, Ethereum experienced its largest daily exchange inflow since 2016 on Sept 14th...📊 The Merge Brings Large Exchange Inflows The wait is finally over!...One factor that may support this is the large exchange inflows of ETH seen before the Merge....This was the 7th largest single-day net inflow ever.
5 Min
Macro & Markets
Sep 2022
Market Musings - Return of the Flows
As ETF inflows started to return, BTC began to rally more....Since then, we have seen the return of ETF inflow consistency, extending the streak to 10 consecutive...days of inflows....Another trend that we have seen reverse in recent days has been trend of FBTC-dominated inflows versus...IBIT-dominated inflows.
11 Min
Macro & Markets
May 2024
Market Musings - ETF Flows Shine As BTC Flirts With Range Highs
On-top of this, we have started to see daily inflows pickup to levels last seen at the March highs ($886M...This is in stark contrast to an extremely strong week of ETF inflows, and something that bears are pointing...We have now seen 19 consecutive days of net inflows for these ETFs, the longest streak since the ETF’...
9 Min
Macro & Markets
Jun 2024
Do Airdrops Hurt More Than They Help?
Since their airdrop snapshot, almost $3B of net inflows have occurred in Kamino’s Lend product....Users have mainly been withdrawing funds from Parcl after the airdrop, with less than 12 days of net inflows...The average magnitude of withdrawals/outflow days ($2.25mn) also exceeds the average deposit/positive-inflow...
25 Min
DeFi
Jul 2024
Market Musings - A Bullish Beat Down For BTC Bears
For the two month period after ETF approval, these products experienced strong and sustained inflows,...These once strong and sustained ETF inflows (the market’s primary short-term pricing catalyst) began...then, the picture has become even better for the bulls with ETFs reporting several days of impressive inflows...
8 Min
Macro & Markets
May 2024
Market Musings - No Pain, No Gain
Since then, we have seen a small uptick in net inflows, but nothing really to write home about....the BTC ETF launch – an initial period of net outflows before stabilization and eventually sustained inflows...
10 Min
Macro & Markets
Aug 2024
An Honest Conversation About The R Word
Conversation About The R Word | March 22, 2026 Delphi Digital | 05 Crypto speculators are gone, 
 USD inflows...Conversation About The R Word | March 22, 2026 Delphi Digital | 06 Crypto speculators are gone, USD inflows...
Macro & Markets
Apr 2026
Starknet Is Building Bitcoin’s Economic Flywheel
It anchors the BTCFi system and draws the first meaningful inflows of liquidity onto the network....efficient onchain AMM, to capture trading fees in markets that are becoming increasingly active as inflows...anchors itself in staking, lending, AMMs, and structured vaults, the path of least resistance for new inflows...
17 Min
Infrastructure
Dec 2025
Market Musings - Strong Summer Start Turns Sour
We have seen nearly $1.1Bn of outflows since the June peak, with net inflows for the month sitting at...This level of inflows is still relatively healthy compared to prior periods....So, given healthy inflow levels and market participation until last week, what gives?...We have also seen about $14Bn in net inflows to spot BTC ETF products since inception. https://x.com/...
12 Min
Macro & Markets
Jun 2024
Through the Fire - Will the Rubber Meet the Road?
Market participants continue to move further out on the risk curve, but without new capital inflows,...The lack of fresh capital inflows has drained liquidity – and crypto markets are now historically quiet...Comparisons were drawn to the BTC futures ETF launch in 2021, when BITO received just over $1B of inflows...@EricBalchunas In reality, actual inflows were abysmal.
19 Min
Macro & Markets
Oct 2023
Market Musings - The Bulls Strike Back
, the BTC spot ETFs have been a huge success no matter how you look at it, with nearly $14.6Bn net inflows...And since then, the inflows have only continued, adding over $1Bn in the last 7 days.
9 Min
Macro & Markets
Jul 2024
A Fragile Absorption: The 2025 TGA Refill and the New Liquidity Regime
You can think of it as a centralized account for federal receipts and disbursements (from tax inflows...sharp upward revision reflects a lower starting TGA balance (~$457 billion), weaker-than-expected cash inflows...relative to BTC, especially if an altcoin does not have the same BTC or ETH structural ETF / Treasury Co’s inflows...
26 Min
Macro & Markets
Aug 2025
Friend.Tech Continues Making Waves
When looking at the daily USD inflows, it’s apparent that inflows remain generally very positive.
7 Min
Social Media
Sep 2023
The Dark Night Rises - Part 1
...demand was pulled forward as investors and traders tried to front run the launch of — and subsequent inflows...BTC ETF inflows are no longer growing at the same pace they were a few months ago… …and BTC ETF volumes...recent pullback of liquidity support certainly appears to be weighing on BTC at the same time that ETF inflows...
23 Min
Macro & Markets
Jul 2024