Bitcoin at $59,850 amid ongoing exchange inflows and stable macro conditions.

Bitcoin sits at $59,850 after fresh distribution into exchanges, with MVRV near 1.12 leaving holders little cushion above their cost basis. Miners have already absorbed a 10 percent difficulty cut and show no rebound in commitment, while the network's fee market stays flat. The ignored tension is that geopolitical friction in the Strait of Hormuz has not yet lifted energy prices or forced capital into alternatives, even as the dollar stays firm and yields offer no relief. This leaves Bitcoin exposed to any acceleration in exchange inflows or miner exits without a macro catalyst to absorb the supply.