Bitcoin is currently at $71,500, and what interests me right now: ETF inflows continue. Another $155 million came in on Wednesday, now two weeks in a row with a total of about $1.47 billion. After all the withdrawals earlier this year, this is a reversal that you can feel.

But honestly, when I look at the on-chain data, I’m not entirely sure if this is really bullish. The buying dynamics have weakened significantly, and only about 57 percent of Bitcoin are in profit. Historically, this is more of an early bear phase indicator. The cost basis for short-term holders is around $70,000, and if the price drops below that, there could be selling volume.

However, I find it interesting: some institutional investors now see Bitcoin not only as a risk asset but also as a geopolitical hedge. Tradable 24/7, transferable across borders, unlike gold. This could be a new source of demand that supports the price, even if the fundamentals seem fragile right now.

The $155 million ETF inflows are therefore a signal, but whether they actually go directly into spot purchases or if they are more like authorized participants short-selling ETF shares before acquiring Bitcoin — that’s another question. Price momentum is not guaranteed.