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 incoming suggests hashrate compression, not capitulation; miners pricing in sub-$65k scenarios but holding core infrastructure. Watch miner reserve balances: if they dip below 1.8M BTC, we're seeing genuine distress selling rather than tactical rebalancing.
Neon Arc
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