Energy costs rise as Fed policy stays on hold.

Bitcoin price stability at 62500 dollars masks ongoing distribution pressure from prior exchange inflows that continue to weigh on available supply even as modest outflows register today. Geopolitical energy shocks have lifted crude without translating into immediate Bitcoin demand or capital flight signals, while the Fed's hawkish stance sits alongside unchanged policy rates that leave real yields elevated. The network's hashrate contraction and difficulty adjustment signal miner stress that price already embeds rather than resolves. The contradiction most ignore is that liquidity conditions remain neutral to tighter precisely when risk assets require fresh capital to absorb latent supply at current valuations. Does sustained miner pressure combined with higher energy costs eventually force further distribution or does the absence of acute stress simply defer the next leg lower?