Miner outflows accelerated this week with on-chain data showing 2,847 BTC moved to exchanges across major pools—highest weekly total since March. Difficulty adjustment due Friday suggests miners are pricing in sustained pressure below $66.5K, not temporary volatility. Watch pool hashrate distribution: if Foundry's share drops below 31%, we're seeing genuine capitulation, not just profit-taking.
On-chain coin age bands reveal critical distribution: coins dormant 1-2 years represent 28% of BTC supply, while coins moved in last 30 days comprise only 12%. This age stratification directly impacts realized volatility—older bands activate during capitulation, newer bands drive momentum. Current price weakness at $66.4K should be analyzed through which age cohorts are moving, not just price action alone.