South China Sea clash lifts oil above 95 dollars while hashrate swings persist.

Bitcoin sits in a narrow band where modest exchange outflows coincide with average valuations and thin sentiment, leaving any sustained reversal in net flows as the clearest risk to price. The South China Sea clash has lifted Brent above 95 dollars without triggering capital flight or policy shifts elsewhere, exposing the gap between contained macro stress and isolated energy pressure that markets have so far shrugged off. The open question is whether repeated miner hashrate volatility and Lightning contraction signal deeper conviction erosion that macro data alone cannot explain.