Miner outflows accelerated this week with on-chain data showing 2,847 BTC moved to exchanges Tuesday-Thursday, a 34% jump from last week's daily average. Difficulty adjustment scheduled for next block suggests miners are capitulating into weakness rather than accumulating, which historically precedes capitulation lows.
Whale accumulation patterns show 15-20% of BTC supply now held by addresses with 1000+ BTC, up from 12% six months ago. On-chain data reveals sustained inflows to these mega-wallets during the recent 3.3% dip, suggesting institutional conviction rather than panic selling. This concentration metric matters more than price action alone.