Kaspa at $0.04049, +4.9% on the day, now 17.9% above its 30d MA and 23.0% above its 90d. The internals are showing a clean divergence between participant groups. Whales (10M+ KAS) added 6.71% to their holdings in the past week, 7% over the month, now sitting on 6.68B $KAS . Exchange reserves continue to bleed, with three-day flows net negative. Realized cap flat at $608M despite the price move, meaning aggregate cost basis hasn't shifted, accumulation absorbing distribution. Miners going the other way. Hashrate down 3.3% vs the 30d average, Hash Ribbons bearish (30d MA below 60d MA), Puell Multiple at 0.64. Classic miner weakness pattern, even as spot price strengthens. Open interest at $50.7M (+12.4% vs 7d avg), funding rate at 0.9205% per 8h — well above the 0.5724% three-day average. Longs overleveraged, but short liquidations ($82K) still outpacing longs ($58K) over the week. MVRV at 1.83, NUPL at 0.452, neither stretched nor compressed. Market structure consistent with accumulation regimes that precede directional moves, not euphoria. Seems li whales accumulating into miner weakness, with leverage building on top. #Kaspa #KAS