Bitcoin has broken through $72,000. ETFs saw a net inflow of $155 million, keeping the strong two-we

Bitcoin Holds $72.5K as ETFs See $155M Inflow, But On-Chain Data Warns of Waning Momentum

Bitcoin's hanging in there. The big crypto is trading around $72,500 on Thursday, helped along by another solid day for U.S. spot ETFs. Wednesday saw about $155 million in net inflows, adding to what's now roughly $1.47 billion in new money over the last two weeks. That's a pretty sharp turnaround after weeks of outflows earlier in the year.

So institutional demand is starting to stabilize after a rough start to 2026. Bloomberg Intelligence numbers, via CoinDesk, show investors have put about $1.7 billion into these ETFs since February 24. That suggests some folks are feeling more confident that the market might have found a floor, at least for now.

But here's the thing—not everyone's ready to pop champagne. Bitfinex analysts pointed out earlier this week that ETF inflows don't always hit the spot market right away. There's this whole mechanism where authorized participants can create and short ETF shares before actually buying the Bitcoin, which can delay the price impact.

Still, the fact that money's flowing in, and that Bitcoin's been holding up pretty well during all this geopolitical chaos, has some people thinking differently about what this asset actually is.

Livio Weng, CEO of Bitfire, put it like this: "Bitcoin is increasingly being repriced by the market as a geopolitical hedge, not just a risk-on asset." His take? Unlike gold, Bitcoin never sleeps—it trades 24/7 and can zip across borders instantly. So when things get tense geopolitically, it becomes this natural escape valve for capital.

But Look at the On-Chain Data For all the ETF optimism, the on-chain story is a bit more cautious. Glassnode's latest report shows buyer momentum has definitely cooled off. The 30-day moving average of realized profits? Down about 63% since the start of February.

And here's another number to chew on: only about 57% of Bitcoin's supply is currently in profit. Historically, when that metric dips to this level, it's often been associated with the early stages of deeper bear markets. Not a great sign if you're hoping for a sustained rally.

Glassnode also flags that short-term holders—folks who bought recently—have an average cost basis around $70,000. That could act like a psychological ceiling. If prices bounce up to that level, a lot of those traders might look to exit near breakeven, turning any rally into a distribution zone rather than a launchpad.

So yeah, ETF money is flowing, and that's nice. But underneath, the demand picture is still pretty fragile. The market's got some mixed signals to sort out.