US-Iran escalation lifts oil as Bitcoin holds with exchange inflows continuing.

Oil shocks from renewed US strikes on Iran and Hormuz disruption are lifting Brent above $83 while tightening global liquidity conditions that already price Bitcoin at cycle-low MVRV without absorbing recent exchange inflows. The ignored contradiction sits in the combination of persistent high yields, stable dollar strength, and thin equity volatility that together signal no imminent policy relief even as energy costs rise. The open question is whether sustained distribution from current holders meets fresh capital or simply extends the range lower until a clearer liquidity signal appears.