Bitcoin Holds $77.8K as LTH Supply Hits 16.3M and Macquarie Favors Circle

Bitcoin trades near $77,800 on May 21 after rejecting the 200-day moving average near $83,000. The period opened with Bitcoin Depot’s Chapter 11 filing on May 18 that removed over 9,000 ATMs following a 49% revenue collapse. On-chain data showed wallets holding 100+ BTC rising 11.2% year-over-year to 20,229 while K33 Research maintained that the February $60,000 low marked the cycle’s maximum drawdown. The latest institutional move came from Macquarie, which advised clients to trim spot ETF exposure in favor of Circle equity. Traders have now concentrated positions around the $82,000 strike for the May 29 options expiry worth $6.25 billion notional.