Thin volume and outflows meet easing energy risk without new safe-haven demand.

Bitcoin trades near 65800 dollars on thin volume while exchange outflows remove sell pressure yet MVRV near 1.23 and extreme fear readings show holders clustered at breakeven without fresh conviction. The Iran framework deal reduces one energy volatility source and should ease importer costs without creating new safe-haven flows or sanctions shifts that would normally lift non-sovereign assets. Positioning remains light and vulnerable to any volume reversal that turns net outflows into sustained inflows at current levels. What happens to participation if fear bottoms but conviction stays absent?