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← ArchiveDaily BriefingGenerated 16:25 UTC

Saturday, 25 April 2026 · No. 24

Energy shocks sustain inflation as miner conviction clashes with distribution.

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The Lead

Energy inflation imported by sanctions on Iran's shadow fleet and its main Chinese buyers has locked in higher costs across Asia and Europe. US Treasury This forces policymakers to delay rate relief while directing all safe haven capital exclusively toward gold. Bitcoin registers none of those bids. Exchange inflows that signal distribution now set the tone for price action and keep bears firmly in charge. Investors overlook the glaring contradiction that centers on miner behavior. Hashrate stability reveals conviction in an eventual rebound even as sentiment collapses and weak hands get flushed in liquidations. Hashrate Index Network health has yet to counteract the macro transmission from geopolitics. The uncomfortable fact is that geopolitical stress overrides network health in determining Bitcoin's path. Such conditions expose how Bitcoin remains tied to broader risk regimes rather than operating beyond them. How many repeated episodes of energy driven stress will it take before participants stop anticipating automatic positive decoupling?

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