Seeing Bitcoin rise to around $73,000, it really feels like the recent ETF inflows are driving institutional investors' buying activity. There was a net inflow of $155 million just on Wednesday, bringing the total over the past two weeks to $1.47 billion, which is quite significant. Considering the dip earlier last month, it seems the sense that the bottom has been reached is spreading.

However, what’s concerning is the on-chain data. According to Glassnode’s report, the buying momentum is clearly weakening, and realized profits have decreased significantly. The fact that only 57% of Bitcoin supply is in profit is a warning sign, historically indicating the early stages of a bear market. With short-term holders’ cost basis around $70,000, that level could serve as an important resistance.

Still, what’s noteworthy is that institutional investors are beginning to see Bitcoin not as a risk asset but as a geopolitical hedge. Since it can be traded 24/7 and cross borders instantly, it naturally becomes a refuge during times of increased geopolitical stress. Instead of aiming for $100K, the immediate focus is whether Bitcoin can sustainably stay above $75,000 in the short term.

By the way, SpaceX also seems to be continuing its Bitcoin holdings, which suggests a stronger positioning of Bitcoin as a strategic corporate asset. While some point out that ETF inflows don’t immediately translate into spot buying pressure, the fact that institutional demand remains steady is definitely a reassuring sign.