Just noticed BTC holding above $73K as institutional money keeps flowing in through spot ETFs. The inflows have been pretty consistent these past couple weeks - we're talking decent volume coming back after things were pretty quiet for a while. Definitely catching some attention from the big players again.

That said, the on-chain picture is giving me some pause. Realized profits are down hard, and only about 57% of the supply is actually in profit right now. Historically that's been a red flag for early bear conditions, so not exactly a green light. The cost basis for short-term holders sitting around $70K could be a real ceiling if we rally too hard.

But here's what's interesting - seems like institutions are starting to see BTC differently now. Less 'risky asset' and more 'geopolitical hedge.' Bitcoin trades around the clock and moves across borders instantly, unlike gold. That narrative shift might be what's keeping ETF inflows steady even with these mixed signals underneath. Worth watching how this plays out.