Exchange inflows continue amid elevated oil prices and steady yields.

Bitcoin trades near 77,300 dollars while holders move coins onto exchanges at a net rate exceeding two thousand per day, a flow that collides with MVRV of 1.42 and persistent fear readings. The ignored contradiction sits in the energy shock that has already lifted Brent above ninety dollars and tightened liquidity for import-dependent economies, yet gold shows no sustained bid and equity volatility stays muted at 16.70. The hard question is whether the combination of distribution pressure and higher-for-longer real yields will force a repricing before any sustained outflows reappear on-chain.