Bitcoin has recently been showing some interesting movement. Institutional capital has been continuing to flow in via US spot ETFs, and it’s said that about $155 million came in just on Wednesday. In terms of cumulative totals over the past two weeks, that amounts to roughly $1.47 billion in new inflows. Thanks to this, the price has also recently risen by about $2,000, trading near $72,500.

However, when looking at on-chain data, more complex signals are showing up. According to Glassnode analysis, buying momentum has been weakening, and realized profits have also fallen significantly. The proportion of Bitcoin supply that is in profit has dropped to around 57%, and it is said to be a historically similar level to the early stages of an initial bear market. Because the average cost basis of short-term holders is around $70,000, there is also analysis suggesting that this range could act as a psychological resistance level.

What’s interesting is that even while institutional capital continues to come in, the underlying demand signals remain weak. As some analysis teams have pointed out, funds flowing in through ETFs don’t always translate directly into spot buying. Even so, among market participants, there appears to be a growing view of Bitcoin as not just a risky asset, but as a means of geopolitical hedging. In an unstable global situation where capital movement could be an alternative amid shifting cross-border conditions, this interpretation makes sense given that Bitcoin is traded 24 hours a day and can move across borders.