Recently, Bitcoin has been moving around the $80k mark, and it’s noticeable that funds flowing into coin ETFs continue to increase. Last week, about $80k was invested solely in physical Bitcoin ETFs, and over the past two weeks, a total of $1.47 billion in new funds has flowed in. It seems that institutional investors’ buying sentiment is reviving.

On-chain data appears somewhat complex, but according to Glassnode analysis, the buy momentum is weakening. Only about 57% of Bitcoin supply is in profit zones, which historically signals the early stages of a bear market. There’s also analysis suggesting that the average entry price for short-term holders is around $70k, which could act as a psychological resistance level.

While the continuous inflow of funds into coin ETFs is positive, there is one point to be cautious about. ETF funds do not always translate immediately into spot purchases. Since approved participants can create shares first and then short sell, there can be a time lag before it actually leads to a price increase.

Nevertheless, despite the inflow into coin ETFs and geopolitical tensions, Bitcoin’s resilience is remarkable. Some market participants are beginning to see Bitcoin not just as a risky asset but as a geopolitical hedge. Unlike gold, Bitcoin trades 24/7 and can cross borders instantly, which is seen as a major advantage. With the stabilization of institutional funds, Bitcoin’s macro role seems to be growing increasingly.