Bitcoin is holding well above $73,000, and what strikes me is how spot ETFs continue to see interesting inflows. On Wednesday, another $155 million came in, bringing the total over the past two weeks to nearly $1.47 billion. It's a significant turnaround compared to the beginning of the year when the market was quite sluggish with withdrawals that wouldn't stop.

But here's the point: Glassnode's on-chain data indicate that beneath the surface, things are not so rosy. The buying momentum has weakened considerably, realized profits are sharply declining, and only 57% of the supply is in profit. Historically, this level is seen when bear markets start to take shape. There are also analysts warning that not all these ETF flows necessarily translate into actual spot market purchases.

That said, what seems new to me is how investors are increasingly viewing Bitcoin as a global geopolitical hedge, not just a risky asset. It trades 24/7 and can move instantly across borders, making it useful during times of tension. Institutional flows have stabilized, and that matters. However, the average short-term trader cost remains near $70,000, which could become a critical point where they start taking profits.

Meanwhile, XRP is showing movement thanks to volume and whale accumulation, but it’s still within a broader bearish trend. A real confirmation is needed to say that an inversion has begun.