Bitcoin trades in a complex macro environment where geopolitical tensions create short-term volatility while longer-term monetary debasement themes remain supportive. Iran's Strait of Hormuz reopening and reversal created oil volatility that spilled into risk assets, with Bitcoin caught in the crosscurrent despite its growing monetary properties. Fed policy remains the primary macro driver, with the next FOMC meeting in 10 days likely to provide direction on rate path expectations. Real yields near cycle highs continue to pressure long-duration assets, though Bitcoin's fixed supply narrative offers differentiation from traditional monetary hedges.

Bitcoin maintained its 0.55 correlation with the S&P 500, suggesting it still trades as a risk asset despite institutional adoption progress.

Exchange reserves not directly available in latest data

Long-term holders control 15.63M BTC or 75.6% of circulating supply of 19.91M BTC, signaling strong accumulation and reduced selling pressure. Short-term holder supply stands at 4.32M BTC, with 91.79% of total supply in profit, indicating limited downside risk from profit-taking. Corporate and government treasuries hold 6.1% of supply, further locking up available liquidity amid low daily issuance of 465 BTC.