Bitcoin holds near 59500 as exchange inflows persist amid Hormuz talks.

Bitcoin trades near 59500 amid net inflows to exchanges and an MVRV ratio near 1.13 that leaves holders with minimal cushion. This setup reflects distribution under extreme fear rather than fresh buying interest, while hashrate sits below recent peaks and miners face another difficulty adjustment that could add pressure. Geopolitical talks around the Strait of Hormuz introduce energy price risk without clear resolution, yet macro yields and the dollar remain stable enough that Bitcoin shows no special reaction. The contradiction lies in persistent exchange inflows coinciding with low volatility and contained macro stress, which suggests participants expect further downside but lack the conviction to force it. What happens to net flows if the Hormuz talks stall or yields reprice higher?