Bitcoin Idles Near $76,500 in Macro Wait-and-See Mode

Bitcoin is trading in a tight range around $76,500, with activity muted as traders wait for a clear macroeconomic catalyst. Singapore-based market maker Enflux told CoinDesk that "the bid is there" but no one is adding size — a phrase that captures the market's posture precisely: present but passive.

Glassnode's latest weekly report echoes the split. Buying and selling pressure is becoming more balanced, but weaker trading activity points to a cautious market. Exchange reserves remain near decade-low levels at roughly 2.3 million BTC, meaning the structural supply backdrop is supportive — but tight supply alone doesn't push prices higher if buyers aren't stepping in.

The missing ingredient is fresh institutional demand. U.S. spot bitcoin ETF inflows pulled in $2.44 billion in April but have since cooled.