Exchange inflows rise as holders sit near breakeven.

Bitcoin trades near breakeven for aggregate holders while fresh exchange inflows signal active distribution that spot buyers must absorb or else prices fall further. The contradiction most ignore is that geopolitical easing and contained macro stress remove the very external shocks that previously masked weak internal demand, leaving Bitcoin exposed without a fresh catalyst. Whether sustained net inflows above 1,000 BTC over the next day confirm this distribution or prove fleeting remains the decisive test.