Bitcoin clears $200 million in short liquidations as rally holds above $75,000.

Bitcoin cleared leveraged shorts worth over $200 million yesterday, yet the move rests on forced covering rather than sustained spot demand at these levels. Exchange outflows continue to shrink supply, but MVRV near 1.39 leaves little margin for multiple expansion without fresh inflows that have yet to appear. Higher Treasury yields and a firm dollar price in persistent inflation risks that keep risk assets under steady pressure, while new US sanctions on Iran raise the chance of disrupted payment rails without guaranteeing Bitcoin adoption. The open question is whether oil-market stress from Hormuz and Iran sanctions will spill into broader capital flight or simply stay contained in energy.