Bitcoin holds range as Hormuz talks open amid stable macro.

Bitcoin sits in a narrow band around 64190 dollars with thin volume and an MVRV at 1.20 that leaves holders with little cushion against further downside.^[1][2] Extreme fear at 23 has produced only modest exchange outflows so far, and those flows sit against mixed signals from reserves near 2.7 million BTC.^[3][4] The ignored tension is geopolitical. US-Iran talks open in Switzerland while Tehran again claims closure of the Strait of Hormuz, yet Brent trades near 80 dollars after recent volatility and the dollar index holds steady.^[5][6] Any sustained energy spike would lift yields and pressure risk assets without a clear Bitcoin offset. The hard question is whether low unrealized gains plus stable policy will keep supply from flooding exchanges once the next netflow print turns positive.