The Bitcoin market splits into a dual-track trend: ETFs and strategies provide support, while whales and mining companies accelerate their exit.

ME News report: On April 11 (UTC+8), amid ongoing geopolitical conflicts lasting about six weeks, the Bitcoin market is clearly splitting into two major camps. “Passive buyers” represented by Strategy and spot ETFs continue to absorb capital, while whales, mining companies, and some sovereign holders are shifting toward reducing holdings.

On the institutional front, Strategy continues to increase its BTC holdings, with total holdings reaching approximately 767,000 coins. Meanwhile, the US spot Bitcoin ETF absorbed about 50,000 BTC in March, becoming the main source of market buying. However, capital inflows are showing a trend of being concentrated and slowing at the margin.

The sell-off side is also clearly evident: whale addresses holding 1,000–10,000 BTC have shifted from net buying to substantial net selling, with year-to-date holdings changing from about +200,000 coins to -188,000 coins. Listed mining companies are also cutting back in a concentrated manner under high-cost pressure, with weekly sell-off volumes exceeding 1.9万 BTC. In addition, sovereign holders such as Bhutan have reduced about 70% of their Bitcoin reserves since October 2024.

Although market sentiment was once in an extreme panic range, the Bitcoin price has still been trading sideways between $65,000 and $73,000, showing that the “bottom” mainly depends on support from a small number of institutional buyers. Analysis indicates that the current market buyer base continues to shrink, and the subsequent trend will depend on whether institutional capital inflows can keep up and break through key resistance ranges. (Source: PANews)