I see that Bitcoin is hovering around $73.9K now, and what's interesting is that spot ETFs in the U.S. continue to attract money. On Wednesday, they brought in $155 million net, extending a two-week streak with nearly $1.5 billion in new allocations. Quite solid considering how the year started.

What catches my attention is that these flows don't always translate into immediate spot purchases. Authorized participants can play with ETF shares before buying the actual Bitcoin, so the price impact is delayed. Still, something is changing in how Bitcoin is viewed in institutional markets.

Glassnode is indicating that the buying momentum has weakened considerably — realized gains fell 63% since February, and only 57% of the supply is in profit. That’s a level that historically marks the early phases of stronger bear markets. Additionally, that cost basis level in $70K could act as a psychological ceiling where traders exit their positions.

But something is different now. Bitcoin isn’t behaving like a pure risk asset during geopolitical tensions. Some see this as a 24/7 macro hedge that works across borders, similar to how gold ETFs are used to protect portfolios. That could be supporting institutional demand even with weak technical signals.