Bitcoin BTC has risen by 2% this week, but this could limit the rally further. Inflows into spot ETFs have decreased, indicating renewed institutional apathy. Meanwhile, stablecoin growth has stalled, indicating a lack of fresh fiat inflows. Bitfinex's absorption-to-emissions ratio (AER), which measures institutional demand relative to miner issuance, has dropped to 1.3× from 5.3x in late February, marking a significant decline in demand. However, the incentive for investing in Bitcoin, which lacks an inherent yield or cash flow, continues to rise. The 10-year inflation-protected securities (TIPS) has risen more than 30 basis points to 2.02% since the U.S. and Israel first attacked Iran on Feb. 28.