Sustained exchange inflows test Bitcoin at realized value amid elevated energy costs.

Bitcoin price hovers near realized value amid sustained exchange inflows that expand supply precisely when holders lack incentive to sell aggressively. High energy prices from the Hormuz disruption lift gold and the dollar without triggering fresh Bitcoin demand, while network metrics show only baseline miner commitment rather than expansion. The ignored contradiction sits in the gap between contained volatility and distribution pressure that has not yet forced capitulation. Does sustained net inflow to exchanges at these valuations mark the floor or the start of a deeper unwind?