Exchange inflows continue as yield curve steepens without macro relief.

Bitcoin price holds steady near 63400 dollars on thin volume while nearly 1000 BTC moved onto exchanges in the last day, extending distribution pressure without triggering a break. Holders sit only modestly above cost basis at an MVRV of 1.19, yet the combination of fear sentiment and ongoing inflows shows limited willingness to absorb supply even in a quiet macro window. The steepening yield curve signals contained liquidity stress rather than resolution, leaving open whether this balance persists or tilts toward further selling once any incremental catalyst arrives.