Bitcoin has recently managed to break through the $72,500 level, and it seems that the inflow momentum from spot ETFs is still quite strong. I noticed that in just one day, the inflow into the US spot Bitcoin ETF reached $155 juta on Wednesday, which means that this institutional fund flow has been going on for two consecutive weeks already, with a total accumulation of about $1.47 billion. This is a fairly significant reversal after several weeks in which there were fund outflows. It’s also interesting when viewed from a broader perspective: inflows are not just about ordinary speculation. Some market players are starting to see Bitcoin as a geopolitical hedge that can be accessed 24/7, unlike gold which can only be traded during business hours. With geopolitical tensions still high, Bitcoin has the advantage of being able to move across countries instantly, so it’s only natural that institutions are starting to show interest.

However, there’s something that needs to be taken into account from the on-chain data. Glassnode recently showed that the buyers’ momentum is actually starting to weaken. Realized profits have dropped significantly since the beginning of February, and only about 57% of the total Bitcoin supply is still in profit. Historically, this figure is connected to the early phase of a deeper bearish market, so fundamentally the signals are still fragile even though ETF inflows look positive.

Glassnode also notes that the short-term holder cost basis approaching $70,000 could be an important support level. If Bitcoin continues to rise to this level, there’s a potential for traders to begin exiting to take profits, which could turn the rally into a distribution zone. So even if inflows look good on the surface, what’s happening behind the scenes remains complicated.