Exchange flows and Hormuz tensions hold Bitcoin in place

Bitcoin sits at 62400 dollars with holders nursing thin margins at an MVRV of 1.18 and extreme fear still dominant, so any sustained exchange inflow reversal would quickly test realized losses rather than invite fresh bids. The contradiction lies in continued net outflows alongside a geopolitically tight energy market that lifts gold and Brent without producing visible capital rotation into Bitcoin or any measurable change in its exchange balances. The open question is whether the current accumulation pattern survives the next liquidity test or simply delays the supply that depressed sentiment has already priced in.