Bitcoin distribution persists as Hormuz standoff tightens liquidity.

Bitcoin distributes coins into geopolitical fire rather than absorbing any safe haven flows from the Hormuz crisis. Holders deposited a net 2970 BTC onto exchanges as Iran maintained its blockade and oil prices held elevated. Central banks confront imported inflation that delays cuts and leaves the Fed isolated. Fear and Greed collapsed to 29 with bears exerting clear control. This behavior cements Bitcoin as a risk asset at the worst possible moment for its decoupling story. Most investors overlook the sharp contradiction with network fundamentals. Hashrate near 1020 exahashes per second signals miner resilience ahead of a 5.6 percent difficulty hike even as Lightning capacity grows. Macro pressures mount with gold above 4800 dollars and yields climbing. Repeated commodity shocks erode monetary credibility yet produce no bid for Bitcoin. How long can miner conviction outlast accelerating holder distribution before the entire structure shifts?