Welcome to the BTC Lighthouse report.

In this report, I cover:

• Investments in Bitcoin ETFs by top financial institutions.
• India's improving relationship with crypto.

BTC Lighthouse Temperature

The Bitcoin price has been range-bound between $60k and $70k since mid-March. Last month, it was between $60k and $65k, and for a couple of days, it has moved back into the $70k range. It's worth waiting and watching to see if it crosses the previous all-time high of $73k it touched in mid-March.

The BTC Lighthouse temperature has been in the Neutral zone since mid-April. The temperature was in the Greed zone when it crossed the $70k range. However, this time, despite being above $70k, the temperature is lower in the Neutral zone. This means that it's a healthier rally this time, even at these higher prices.

Bitcoin Performance

Bitcoin ETF Inflows Have Returned

Bitcoin ETF flows were healthy last week. The Bitcoin price continues to be highly correlated to ETF inflows.

600 Firms, including JP Morgan, invest in Bitcoin ETFs

• Major Investment Firms: Over 600 firms, including JPMorgan, Morgan Stanley, and UBS, have invested in spot Bitcoin ETFs, totaling around $3.5 billion.
• Other Significant Holders: Morgan Stanley, Wells Fargo, UBS, BNP Paribas, and Royal Bank of Canada have also invested substantially in spot Bitcoin ETFs.
• Future Inflows: Sovereign wealth funds, pension funds, and endowments are expected to increase investments in Bitcoin ETFs.

Bitcoin ETF launch broke all ETF records

Until last year, the most successful ETF launch in history was the launch of Gold ETFs. However, that was until the launch of Bitcoin ETFs. Bitcoin ETFs are now, by far, the most successful launch of any ETF in history.

937 financial firms disclosed Bitcoin ETF holdings in Q1 2024. Gold ETFs had just 95 firms invested in its first quarter.

13 of the top 25 hedge funds own Bitcoin

This is shocking.

Half of the top hedge funds in the world now own Bitcoin.

As Bitcoin becomes the best-performing asset in their portfolios, you can only imagine what's in play regarding increasing their exposure and all the other hedge funds that do not yet have any exposure to Bitcoin.

This is the most bullish news I have read about Bitcoin since the launch of Bitcoin ETFs.

Binance registers with India's Watchdog

Binance and KuCoin became the first international exchanges to register with India's anti-money laundering watchdog. Crypto has had a challenging relationship with the Indian government, but this step seems to be a significant development for India's crypto adoption.

Summary

Bitcoin showed early signs of resuming its bull run in the last few days. Amidst bullish news, especially around Bitcoin ETFs, inflation and macro risks remain on the horizon.

Please give your comments and feedback on this report. See you in the next block.

Sandeep Goenka