Bitcoin continues to hover around $73K ; something interesting is happening with the ETFs. This week, another $155 million dollars flowed into U.S. spot ETFs, extending a streak of institutional buying that has been accumulating for nearly two weeks, totaling around $1.47 billion. After a challenging start to the year with many withdrawals, seeing this kind of inflow is a notable change.

What’s curious is that on-chain data paints a more complex picture. According to Glassnode, the buying momentum has weakened significantly — realized gains have fallen about 63% since early February. Additionally, only 57% of Bitcoin supply is in profit, a level that historically marks early stages of deeper bear markets. This suggests that although institutional inflows are happening, the underlying demand remains fragile.

But there’s another angle here. Investors are beginning to see Bitcoin differently — not just as a risk asset, but as geopolitical hedging. Unlike gold, Bitcoin operates 24/7 and crosses borders instantly, making it useful during periods of tension. Since February 24, approximately $1.7 billion has been invested in U.S. spot ETFs, indicating that some believe the market has found at least a short-term bottom.

An important warning: ETF flows don’t always translate into immediate buying pressure in the spot market. Authorized participants can create and short-sell ETF shares before buying the underlying Bitcoin, delaying the actual price impact. Still, the combination of positive flows and Bitcoin’s resilience during geopolitical tensions says something about how the market is reevaluating this cryptocurrency in more mature stages of the cycle.