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← ArchiveDaily BriefingGenerated 17:51 UTC

Thursday, 7 May 2026 · No. 35

Exchange inflows persist amid neutral sentiment and macro risk-off rotation.

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The Lead

Bitcoin price drifts near $80,000 with persistent exchange net inflows signaling holder distribution that now outweighs ETF accumulation gains. This pressure builds as USD index lingers above 97 and gold surges past $4700 per ounce, drawing risk-off flows away from crypto into traditional havens despite Hormuz tensions easing on U.S.-Iran talks.[1][2] Thin spot volume amplifies downside vulnerability, with $83 million in long liquidations underscoring weak structure.Coinglass Network hashrate holds near 980 EH/s and Lightning capacity climbs to 4853 BTC, proving baseline security endures even as price erodes.[3] Investors ignore how neutral MVRV at 1.50 masks rising exchange balances nearing 2.6 million BTC, a threshold where selling accelerates if yields climb further.CryptoQuant Macro liquidity squeeze from steady central bank rates favors bonds over Bitcoin. Does Hormuz de-escalation unlock oil relief to ease inflation, or does it expose fiat fatigue without Bitcoin flows?

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The Wire

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