Bitcoin distribution persists amid Iran oil sanctions easing.

Bitcoin trades near 61500 after a 2 percent drop, with inflows of 725 BTC to exchanges showing distribution that overrides any reserve drawdown and keeps pressure on price despite extreme fear readings and modest liquidations. The ignored contradiction sits in geopolitics: US sanctions relief on Iranian oil narrows energy disruption risks and removes one tailwind for non-sovereign assets while macro conditions stay contained with steady DXY near 101, yields around 4.4 percent, and ample reserves. The open question is whether sustained exchange outflows above 1000 BTC emerge before the next difficulty adjustment lands or distribution simply grinds lower.