Bitcoin exchange inflows continue amid stable hashrate and contained macro conditions.

Bitcoin faces sustained distribution as exchange inflows persist alongside an MVRV of 1.19, showing holders selling into thin demand after recent liquidations. Miners keep hashrate elevated and Lightning capacity steady even as returns compress, yet this network resilience has not translated into spot absorption or price support. The ignored contradiction is that geopolitical tightening around Iran and contained macro stress coexist with elevated exchange supply, leaving Bitcoin exposed to further downside without a clear catalyst for reversal. The open question is whether net flows turn decisively outward before the next difficulty adjustment lands in nine days.