Whales add $1.2B Bitcoin as ETF inflows hit $750M but price drifts lower.

Bitcoin holders face modest ETF inflows and whale buying that fail to lift price above cost basis amid persistent low volume. Network security holds steady despite hashrate slippage and Lightning contraction, while Hormuz talks edge toward a deal without resolving energy cost pressure. Hawkish Fed comments sit against contained liquidity and a steepening yield curve that keeps real rates elevated. The contradiction lies in defensive positioning that treats accumulation signals as sufficient without confirming follow-through demand. The hard question remains whether sustained outflows or renewed distribution will test conviction before any macro relief materializes.