EU sanctions tighten Russian crypto channels as Bitcoin flows mix.

Bitcoin hovers near 65,000 dollars with mixed exchange flows that include sharp daily inflows undercutting any sustained accumulation. Holders sit modestly ahead on MVRV near 1.24 yet show no rush to add exposure.^[1] Miners face a projected 14 percent difficulty drop next month amid hashrate around 870 EH/s and pool concentration above 60 percent at the top three operators. Geopolitical hits on Saudi facilities and fresh EU sanctions on Russian energy and crypto channels keep oil above 84 dollars without triggering dollar or yield spikes that would normally pressure risk assets. The open question is whether light leverage and contained liquidations reflect genuine stability or simply deferred selling once flows turn decisively negative.