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 indicators suggest the market’s underlying demand remains somewhat fragile.

Bitcoin held steady on Thursday, trading around $72,500 based on data from CoinDesk. Continued inflows into spot exchange-traded funds have helped support prices after a period of relatively muted market activity.

The latest additions bring total inflows into U.S.-listed spot bitcoin ETFs to roughly $1.47 billion over the past two weeks, according to figures compiled by SoSoValue. The renewed buying marks a sharp turnaround following several weeks earlier this year when the funds saw persistent withdrawals.

Institutional demand appears to be stabilizing after a sluggish start to 2026. Since Feb. 24, investors have directed about $1.7 billion into U.S. spot bitcoin ETFs, according to data from Bloomberg Intelligence previously cited by CoinDesk. The steady inflows indicate that some investors may be gaining confidence that the market has established a near-term floor.

Still, analysts at Bitfinex caution that ETF inflows do not always translate into immediate buying pressure in the spot market. Authorized participants can create — and even short — ETF shares before purchasing the underlying bitcoin, meaning the impact of these flows on price may be delayed.

Even so, bitcoin’s resilience during ongoing geopolitical tensions, combined with sustained ETF demand, highlights its growing role in global macro 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 around the clock and can move across borders instantly, making it a natural outlet for capital during periods of geopolitical stress.”

On-chain data suggests caution

Despite the recovery in ETF inflows, blockchain data indicates that underlying demand may still be weak. In a recent report, analytics firm Glassnode said buy-side momentum has dropped significantly, with the 30-day moving average of realized profits declining roughly 63% since early February.

The percentage of bitcoin’s circulating supply currently held in profit has also fallen to about 57%, a level that historically appears during the early stages of deeper bear market environments.

Glassnode also noted that the cost basis of short-term holders sits near $70,000. That level could act as a key behavioral resistance point, where traders who previously bought at higher prices may look to exit positions around breakeven, potentially turning price rallies into periods of distribution.