US-Iran roadmap cuts energy risk as Bitcoin holds consolidation on inflows.

Bitcoin trades near 63500 dollars on net exchange inflows and subdued volume, with MVRV at 1.20 and extreme fear readings reflecting holders near breakeven yet still distributing. Geopolitical de-escalation via the US-Iran 60-day roadmap and Hormuz coordination has already cut energy premiums and eased macro stress, removing one external bid for non-sovereign assets.^[1] The ignored contradiction sits in network maintenance versus price structure. Hashrate hovers near 940 EH/s after a recent difficulty cut, with the next adjustment adding only modest upward pressure, while miners show no expansion and Lightning capacity stagnates.^[2] This equilibrium sustains blocks but supplies no catalyst when spot selling meets limited demand. What happens to available supply if exchange net flows stay positive for another week while macro liquidity stays merely adequate rather than abundant?