US-Iran deal eases energy risks as Bitcoin holds near 65700 with muted flows.

Bitcoin price action stays locked near 65700 amid extreme fear readings and an MVRV ratio of 1.23 that shows only modest unrealized gains rather than broad capitulation. Exchange outflows continue at a measured pace without aggressive defense of levels, while network hashrate hovers near recent lows after a sharp difficulty drop and awaits a modest rebound. The US-Iran framework reopening Hormuz has already eased immediate energy shocks and dollar pressures, removing one external bid for risk assets without creating new capital flight demand. Stable macro liquidity and a Fed on hold leave Bitcoin exposed to any follow-through disappointment in the 60-day talks ahead. The ignored tension sits in how quickly geopolitical relief compresses volatility premia while miner participation and holder conviction remain sensitive to margins rather than rebuilding. How long can accumulation flows absorb supply if the next macro or negotiation setback arrives before conviction returns?