Hormuz constraints tighten energy costs as Bitcoin exchange inflows accelerate

Bitcoin distribution into exchanges coincides with a steepening yield curve and sustained Hormuz shipping constraints, leaving price action exposed to incremental supply without offsetting macro relief. The network maintains baseline security while Lightning capacity contracts and miner concentration persists, yet no on-chain reversal counters the inflows or the modest MVRV premium that still permits further downside. This setup raises whether elevated real yields and energy premiums will draw fresh capital or simply widen the gap between network stability and spot weakness.