Bitcoin consolidates near $75,000 as traditional markets surge to new highs, with the Nasdaq posting its 11th consecutive daily gain while the S&P 500 approaches fresh records. The divergence reflects Bitcoin's unique positioning as investors parse geopolitical risk premiums and institutional adoption signals. Fed policy remains the primary macro driver with the next FOMC meeting 13 days away, while Pakistan's regulatory reversal and Goldman's ETF filing demonstrate Bitcoin's expanding institutional infrastructure despite near-term price resistance.

Bitcoin underperformed traditional risk assets today as equities rallied on easing Middle East tensions, but institutional flows remained strong with ETF inflows exceeding $400 million.

Exchange reserves not directly available in current data; on-chain supply shows strong long-term holder dominance with limited short-term circulation

Long-term holders control 15.63M BTC or 78.5% of circulating supply, signaling robust accumulation and low selling pressure from veteran cohorts. Short-term holder supply at 4.32M BTC reflects recent entrants with 91.79% of total supply in profit, constraining available float. Post-halving issuance remains subdued at 94.81% of max supply mined, reinforcing Bitcoin's deflationary profile amid rising hashrate and institutional custody.