Bitcoin holds near 62700 as ECB tightens on Iran energy shock.

Bitcoin sits pinned near 62700 dollars with outflows from exchanges failing to lift price despite low MVRV near 1.2. Higher real yields and a firmer dollar continue to extract liquidity from risk assets while energy-driven inflation has already forced the ECB into a rate hike. The ignored contradiction is that miner hashrate holds steady after the difficulty reset even as aggregate holder profits stay thin, meaning network security rests on operators who face ongoing margin pressure rather than fresh capital inflows. Will persistent outflows eventually force distribution from weak hands once macro conditions tighten further, or will they simply mark time until the next external shock decides direction.