Bitcoin streak since 2012 collides with positive exchange inflows

Bitcoin cleared a dense short wall on September 22 and extended its longest winning streak since 2012, yet exchange net flows have already flipped positive in multiple trackers and MVRV sits only modestly above its long-term average.

Hormuz de-escalation talks eased Brent below $89 and cut energy inflation risk, but miners have kept hashrate far below 2025 peaks despite the price level, leaving network security thinner than price history implies. The open question is whether sustained inflows above 10,000 BTC will cap the move before the next difficulty retarget.