Binance halts deposits after $6.3 billion hack confirmed

Binance confirmed a $6.3 billion hack with deposit and withdrawal halts, triggering $1.1 billion in long liquidations and a slide through $76,300. Exchange flows remain mixed rather than coordinated accumulation, while MVRV near 1.45 shows holders with modest unrealized gains but no extreme profit pressure. The contradiction is that sustained miner hashrate above 1,000 EH/s and network stability sit alongside energy-cost inflation from Hormuz disruptions that has not translated into Bitcoin demand. Whether the 30-day netflow average turns positive enough to signal distribution or stays flat will determine if this reset clears leverage cleanly or exposes thinner bids.