[Analysis: As ETFs See Record Outflows, Whales Accumulate 270,000 BTC, Bitcoin Shows Structural Divergence Signals] According to CoinDesk, against the backdrop of continued outflows from U.S. institutional funds, Bitcoin whales have accumulated over 270,000 BTC (approximately $16.7 billion) in the past two weeks, forming a stark contrast with the record outflows from U.S. spot Bitcoin ETFs. Analysts point out that this phase of divergence exhibits historical cyclical characteristics: as institutional funds retreat, long-term holders and whale accounts continue to accumulate, resembling the capital redistribution structures commonly seen in previous cycle bottom regions. On-chain data shows that although spot premiums remain negative—indicating weak buying pressure in the market—large wallets are still consistently accumulating Bitcoin. The market is currently in a structural phase of 'institutional deleveraging and long-term capital accumulation.'