I noticed that Bitcoin has been hovering around $74,000 these past few days, and something interesting is happening with the ETFs. The inflows have stabilized with about $155 million in net entries this week, extending a positive streak of two weeks totaling nearly $1.47 billion. This is the kind of institutional movement you see when big players start to believe again after months of hesitation.

But here’s the thing, on-chain data tells a slightly different story. Glassnode reports that the buying momentum has significantly weakened, with only about 57% of the supply in profit. Historically, this level corresponds to the early phases of a deeper bear market. Realized profits have dropped by around 63% since February. This kind of signal makes you think twice before getting carried away by ETF flow optimism.

What’s fascinating is the changing narrative around Bitcoin. More and more people see it as a 24/7 geopolitical hedge, not just a speculative asset. Unlike gold, it crosses borders instantly. Maybe that’s why institutional inflows remain steady despite weakened buy signals. Investors seem to be repositioning their view of Bitcoin, which could support prices in the medium term regardless of short-term volatility.