Bitcoin sees distribution amid steady macro and softening network metrics.

Bitcoin price action reflects distribution from holders above realized value rather than fresh accumulation, even after the overnight lift, which means any rebound lacks the structural demand needed to absorb ongoing exchange inflows. Macro stability in yields and the dollar provides no offsetting bid because Warsh's firm inflation stance keeps liquidity expectations anchored without relief, while geopolitical easing in Hormuz removes one potential tailwind for risk assets. The ignored tension sits in network contraction at current valuations, where hashrate softness and Lightning capacity decline signal miner and user participation that has not scaled with price, leaving security and adoption metrics detached from market levels. Whether sustained inflows at 1.16 MVRV confirm a lower equilibrium or merely a pause before reaccumulation remains the open variable.