Bitcoin Stalls Near $73.5K as Long-Term Holder Supply Hits Record but Demand Lags
Bitcoin is stabilizing around $73,500, about 10% below its monthly high of $81,000, with data indicating a shortage of new buyers rather than an excess of sellers. Risk assets advanced on reports of U.S.-Iran negotiations potentially reopening the Strait of Hormuz, but bitcoin's weakness appears crypto-specific. Long-term holder supply reached a record 15.8 million BTC, typically a bullish signal, but CryptoQuant warns the record may reflect inactivity rather than conviction, as short-term holder supply fell by 2.2 million BTC since December, including 900,000 BTC from Coinbase reserves that aged into long-term holdings by sitting still. Demand from spot bitcoin ETFs has cooled, with net outflows hitting a record nine-day streak. Glassnode's realized profit/loss ratio sits at 1.56, below levels typical of stronger bull markets. Polymarket traders assign a high probability that bitcoin closes May between $72,000 and $76,000. Meanwhile, FalconX confidentially filed for an IPO with the SEC, OKX Ventures invested $53 million for a stake in Korea's Coinone exchange, and Strategy's STRC slipped below $99 amid geopolitical tensions involving Iran.
Key facts
- Bitcoin stable near $73,500, 10% below monthly high of $81,000.
- Long-term holder supply hits record 15.8M BTC, but partly due to inactivity.
- Spot bitcoin ETF outflows record nine-day streak, demand cooling.
- FalconX confidentially files for IPO with SEC.
- OKX Ventures invests $53M for ~20% stake in Korea's Coinone exchange.