Bitcoin's price surged past $72,500, fueled by consistent institutional demand for U.S. spot exchange-traded funds (ETFs). Wednesday saw net inflows of $155 million, extending a two-week streak of institutional buying that has revived the cryptocurrency's momentum.
These inflows total approximately $1.47 billion over the past two weeks, a significant turnaround after earlier withdrawals this year. This sustained investor interest indicates growing confidence in Bitcoin's market stability.
Market observers note Bitcoin's increasing role as a geopolitical hedge, offering a 24/7 global alternative to traditional assets like gold during times of stress.
Despite the positive ETF flows, on-chain data from Glassnode signals caution. Buy-side momentum has weakened, and the share of Bitcoin supply held in profit has decreased, historically correlating with potential bear market conditions. The cost basis for short-term holders near $70,000 could become a critical resistance level.