I noticed that Bitcoin is moving around $71.5k, with spot ETFs in the US capturing another $155 million in net inflows on Wednesday. It seems we’re seeing a solid two-week streak with approximately $1.47 billion in new inflows, which is quite different from those dull periods we had earlier this year.

What stands out is that Glassnode’s on-chain data shows something interesting—the buying momentum has weakened significantly. Realized profits have fallen sharply, and only about 57% of the supply is in profit, a level that historically appears in the early stages of more challenging markets. Some people are warning that these ETF flows don’t always translate into immediate pressure in the spot market, since authorized participants can create ETF shares before actually acquiring bitcoin.

But what’s curious is how Bitcoin is increasingly being seen as a real geopolitical hedge, not just a risk asset. Unlike ouro, it operates 24/7 and moves instantly across borders. This seems to be influencing how institutional investors are thinking about allocations. Even with these cautious on-chain signals, recent resilience during geopolitical tensions keeps interest alive. It’s worth keeping an eye on how this evolves over the next few weeks.