Bitcoin is hovering around $73,900 today, and the interesting thing is that the spot Bitcoin ETFs in the United States keep bringing in money. Yesterday, another $155 millones entered, so in two weeks we’ve nearly reached $1,470 million. Pretty consistent, considering how the market was earlier this year.

But this is where it gets weird. Glassnode’s on-chain data shows something that doesn’t quite add up to me: buying momentum has weakened quite a lot, and only 57% of Bitcoin is in profit. Historically, that level sounds like early signs of a bearish market. In addition, market analysts warn that these ETF flows don’t always mean immediate purchases in spot, because authorized participants can create and sell the shares short before buying the actual Bitcoin.

Beyond that, something has changed in the way Bitcoin is being viewed. It’s no longer just another risk asset. More and more investors see it as geopolitical hedging—24/7 and borderless. Unlike gold, Bitcoin moves instantly between countries, so when there’s geopolitical tension, it works as a pressure-release valve for capital. That’s why it held up well through the recent turbulence.

What you do need to keep in mind is that the $70,000 could be an important psychological ceiling. If Bitcoin bounces from here, many traders could start selling in that zone to close positions. So even if ETFs keep flowing in, real buying pressure remains weak.