Bitcoin climbs past $72,000 as ETFs attract $155 million, marking a two-week inflow streak

U.S. spot bitcoin ETFs attracted another $155 million in net inflows on Wednesday, extending a two-week stretch of institutional buying even as on-chain data suggests underlying demand may still be fragile.

Bitcoin remained supported on Thursday as investors continued allocating capital to spot exchange-traded funds. The world’s largest cryptocurrency traded around $72,500, according to CoinDesk market data, with the latest ETF inflows helping sustain a recovery after weeks of muted trading activity.

The Wednesday inflows pushed total allocations to roughly $1.47 billion over the past two weeks, based on figures compiled by SoSoValue. The renewed demand represents a notable turnaround after several weeks earlier in the year when funds experienced persistent outflows.

Institutional appetite appears to be stabilizing after a sluggish start to the year. Since Feb. 24, investors have directed about $1.7 billion into U.S.-listed spot bitcoin ETFs, according to data from Bloomberg Intelligence previously reported by CoinDesk. The rebound suggests some investors are becoming more confident that the market may have established a near-term floor.

However, analysts at Bitfinex recently cautioned that ETF inflows do not necessarily translate into immediate spot-market buying pressure. Authorized participants can create and even short ETF shares before acquiring the underlying bitcoin, meaning the impact of fund flows on the asset’s price may be delayed.

Even so, bitcoin’s ability to hold steady alongside steady ETF inflows during periods of geopolitical tension is reinforcing its evolving role in global markets, according to some industry participants.

“Bitcoin is increasingly being repriced by the market as a geopolitical hedge rather than just a risk asset,” said Livio Weng, CEO of Bitfire. “Unlike gold, bitcoin trades 24/7 and can move across borders instantly, making it a natural outlet for capital during times of geopolitical stress.”

On-chain data urges caution

Despite the renewed inflows, blockchain data indicates that underlying demand may not yet be robust. In a recent report, analytics firm Glassnode said buy-side momentum has weakened significantly, with the 30-day moving average of realized profit dropping roughly 63% since early February.

The proportion of bitcoin supply currently held in profit has also declined to about 57%, a level that has historically appeared during the early phases of deeper bear-market conditions.

Glassnode further noted that the cost basis of short-term holders—around $70,000—could serve as an important behavioral resistance level. If prices approach that threshold, some traders may look to exit positions near breakeven, potentially turning rallies into distribution zones.