Bitcoin Supply Quietly Tightens: Miners Exit, Strong Capital Inflows】The market appears calm on the surface, but profound changes are quietly taking place behind the scenes. Although Bitcoin (BTC) price movements remain volatile, the true market trend has already become evident: long-term holders are increasing their buying pressure, and miners are slowing their sell-offs. 1. On-chain Data: Supply is quietly tightening, demand is accelerating. Accumulation Addresses: Over the past week, addresses holding more than 205K BTC have surged significantly, up from 138K BTC the previous week. Miner Pressure Index (MPI): dropped to -1.042, the lowest level since 2024, indicating that miner selling pressure has almost disappeared. More importantly, all this is happening during a period of declining Bitcoin prices, not during an uptrend. In other words, prices are not driving demand growth; rather, demand is driving changes in market structure.