Exchange inflows persist amid unresolved energy and rate tensions.

Bitcoin price stability at current levels rests on thin exchange inflows that have not yet triggered decisive selling, yet this masks the real pressure from elevated balances and a macro setup where higher yields continue to compete for capital without relief. The ignored risk is that sustained net inflows above recent averages tighten available supply precisely when energy prices and rate expectations could shift abruptly on unresolved Iran talks or steady Brent levels near ninety dollars. Does the network's normalized hashrate and flat Lightning activity truly insulate price from a macro liquidity drain, or does it simply delay the moment when defensive positioning turns into forced distribution?