Dollar strength and exchange inflows pressure Bitcoin amid Hormuz standoff.

Bitcoin trades near 62700 dollars amid net inflows to exchanges and an MVRV ratio of 1.20, indicating holders above cost basis yet actively depositing coins rather than holding or spending them.^[1][2] This distribution pattern coincides with a stronger dollar above 101 and 10-year yields near 4.59 percent that drain liquidity from risk assets while geopolitical escalation in the Strait of Hormuz lifts energy costs without triggering any measurable flight into Bitcoin.^[3][4] The ignored tension lies in a network whose hashrate and difficulty adjustments signal miner endurance even as exchange supply expands and macro conditions tighten.^[5] How long can on-chain resilience mask the absence of fresh demand when liquidity itself is being extracted from the system.