Bitcoin faces distribution amid stable macro and network conditions.

Bitcoin is sliding on persistent exchange inflows that mark distribution by longer-term holders rather than fresh accumulation. Network security holds steady at elevated hashrate levels, yet that technical resilience produces no visible bid beneath the price. The ignored contradiction sits in macro stability: a new Fed chair and contained volatility coexist with elevated oil from Hormuz tensions, leaving inflation risks neither resolved nor accelerating. Whether sustained inflows above several thousand BTC daily will force further capitulation or simply mark a temporary reallocation remains the open variable that determines the next leg.