Bitcoin distribution persists amid stable but contested dollar liquidity

Bitcoin trades lower on distribution into exchanges while macro conditions show no relief from energy-driven liquidity pressure. Holders sit underwater at an MVRV of 1.40 yet inflows continue without counterbalancing bids, exposing the structure to further downside absent fresh accumulation. The ignored contradiction sits in sustained geopolitical fees on Hormuz that keep oil elevated and dollar liquidity contested even as DXY and yields hold steady. No policy shift or miner acceleration alters that setup. The hard question is whether restricted traditional channels will eventually route capital into Bitcoin or simply starve risk assets of liquidity until physical flows normalize.