• Whale vs. Retail Divergence: 10 to 10k BTC wallets shed a net 9,500 BTC this week while retail wallets kept accumulating, a split that has historically read as weak.
• Complacency as a Signal: Trading volume sits at cycle lows and retail interest has gone quiet, conditions the team frames as historically stronger entry points than euphoric CPI-driven rallies.
• Contrarian Flow Reads: ETF inflows, funding rates, and the activity matrix all point to caution near excitement and opportunity near fear, with one-year MVRV at -27.2% favoring new entrants.

Bitcoin spent the week grinding in a narrow band in the low 60Ks, topping just above 65.3K after a cooler-than-expected CPI report before slipping back toward 63.6K. Beneath that…