As Bitcoin hovers around $72,500, recent inflows into spot coin ETFs are truly eye-catching. Over the past two weeks, a total of $1.47 billion has flowed in, with $155 million net inflow on just one day Wednesday. The buying momentum from institutional investors continues, pushing the price higher as well.

However, on-chain data shows some cautious signs. According to Glassnode, buying momentum is weakening, and realized profits have significantly decreased. About 57% of Bitcoin supply is in profit, which is considered a signal similar to the early stages of a bear market historically. It’s also interesting that the average purchase price of short-term holders is around $70,000, which could act as a psychological resistance level.

Still, institutional demand appears to be stabilizing. Some investors are starting to see Bitcoin not just as a risky asset but as a geopolitical hedge. Unlike gold, Bitcoin is attractive because it trades 24/7 and can cross borders instantly. As inflows from institutional funds through coin ETFs continue, it seems the market’s nature is gradually changing.