Energy shock sustains tight conditions as Bitcoin holds fragile range

The energy shock from the Iranian conflict has locked financial conditions into a restrictive bind that continues to expose Bitcoin as a risk asset rather than a safe haven. Gold's climb to $4680 captures the rotation toward proven stores of value while Bitcoin remains stuck near $67,300 in extreme fear with thin bids and distribution on any strength. This setup means that geopolitical stress amplifies macro headwinds instead of driving capital into decentralized alternatives as theory would predict. The contradiction most investors ignore is the miner exhaustion now visible in the first hashrate decline in six years, with operators selling bitcoin to fund pivots toward AI and increasing pool concentration that risks the security floor if prices fail to recover. Low exchange inflows and contained liquidations underscore the absence of real capitulation or conviction despite the depressed MVRV. Without relief in energy markets or a break in risk aversion, the fragile equilibrium favors further downside. How long can the network absorb this pressure before sustained selling from miners forces a repricing of its fundamental security?