Bitcoin holds near 62,500 as hashrate slips and Hormuz tensions rise.

Bitcoin trades near 62,500 dollars in low-conviction consolidation after the overnight dip, with MVRV at 1.20 leaving scant margin above realized basis yet no capitulation visible in flows or liquidations.^[1][2] Hashrate has eroded further toward 850 EH/s with an imminent difficulty cut of 4-6 percent, aligning miner participation with price weakness rather than countering it.^[3][4] The ignored contradiction sits in elevated yields and a firmer dollar holding steady amid fresh Hormuz strikes and US retaliation, which markets treat as containable rather than liquidity-tightening.^[5][6] How long can Bitcoin's security layer and holder base absorb this mismatch before the next leg down materializes or the macro floor cracks.