Fed dissent and yields rise as Hormuz standoff persists

Bitcoin sits at 64,000 dollars while miners and holders show no aggressive repositioning, even as exchange deposits accelerate. The single most important development is the Fed's hold paired with three dissents and rising yields, which markets are pricing as tighter policy ahead rather than relief. Energy costs from the Hormuz standoff add another layer of funding stress without triggering visible capital rotation into Bitcoin. The contradiction is that network infrastructure holds steady and MVRV shows only modest gains, yet distribution pressure builds without the usual liquidation spikes that would clear it. The hard question without a clean answer is whether sustained inflows above 1,800 BTC will force spot liquidity higher enough to test lower prices before any macro repricing arrives.