**PI Network wallets holding 10K+ tokens increased 12% this week while exchange inflows dropped sharply -- classic accumulation pattern during a distribution narrative.**

On-chain, $PI transfer volume hit 40.5M while price bled 5.1% to $0.197. This divergence between rising activity and falling price signals capitulation from retail while larger wallets absorb supply at discount levels.

The unlock schedule remains the elephant in the room, but smart money rarely accumulates into weakness without a thesis.

Distribution or stealth accumulation? #PINetwork