I just reviewed Bitcoin movements and there’s something interesting happening with the spot ETFs. The price has been hovering around $74,500 these days, and the curious thing is that over the past two weeks, we’ve seen quite consistent institutional inflows, totaling around $1.47 billion. Yesterday alone, another $155 million came in, so the buying trend continues.

What catches attention is understanding what’s really happening with these flows. A spot ETF is basically a way for institutional investors to buy Bitcoin without having to handle it directly; it’s like owning Bitcoin but within a publicly traded fund. The issue is that these flows don’t always generate immediate buying pressure in the market; sometimes fund creators sell short shares before acquiring the actual Bitcoin, so the impact on the price can be delayed.

But what I find relevant is that investors seem to be viewing Bitcoin differently now. Not just as a speculative asset, but as something that moves 24/7, crosses borders effortlessly, and acts as a hedge during geopolitical tensions. That’s quite different from a few months ago when it was purely risk.

That said, Glassnode’s on-chain data shows weaker signals. The percentage of supply in profit has dropped to 57%, which has historically been associated with early bear markets. And there’s a psychological resistance level around $70,000 where many holders might exit. So while we see institutional money coming in, the underlying demand remains fragile. An interesting moment to watch.