Bitcoin held firm on Thursday and traded near $72,500, with fresh demand from U.S.-listed spot bitcoin ETFs helping support the move. The funds recorded another $155 million in net inflows on Wednesday, extending a buying streak that has built over the past two weeks after a softer stretch earlier in the year.
Data compiled by SoSoValue shows total allocations into spot bitcoin ETFs reached about $1.47 billion over the last two weeks. That marks a clear shift from the weeks of outflows seen earlier this year. CoinDesk had also cited Bloomberg Intelligence data showing that U.S. spot bitcoin ETFs have taken in roughly $1.7 billion since Feb. 24, a sign that institutional demand has started to stabilize.
ETF demand returns as bitcoin holds its ground
The rebound in ETF flows has coincided with bitcoin showing resilience during a period of geopolitical tension. Some market participants argue that this is changing how the asset is being priced. Instead of being treated only as a risk trade, bitcoin is being viewed by part of the market as a hedge in periods of macro stress.
Livio Weng, CEO of Bitfire, said bitcoin is increasingly being repriced as a geopolitical hedge rather than just a risk asset. He noted that, unlike gold, bitcoin trades 24/7 and can move across borders instantly, features that can make it an outlet for capital during periods of geopolitical pressure.
On-chain signals still point to weak momentum
Even so, ETF inflows do not always feed directly into immediate spot buying. Bitfinex analysts warned earlier this week that authorized participants can create and short ETF shares before sourcing the underlying bitcoin, which can delay the effect of those flows on the spot market.
Glassnode also struck a cautious tone in a recent report. The firm said buy-side momentum has weakened sharply, with the 30-day moving average of realized profit down about 63% since early February. Another metric has also softened: the share of bitcoin supply held in profit has slipped to around 57%, a level the firm said has historically been associated with the early phase of deeper bear market conditions.
Glassnode added that the short-term holder cost basis near $70,000 may act as an important behavioral ceiling. If price rallies into that area, traders nearing breakeven may choose to exit, turning rebounds into distribution zones rather than clean upside continuation.