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, April 11 (UTC+8), against the backdrop of 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 chips, while whales, mining companies, and some sovereign holders are shifting towards selling.
On the institutional side, Strategy continues to increase its BTC holdings, with total holdings reaching approximately 767k coins; meanwhile, the US spot Bitcoin ETF absorbed about 50k BTC in March, becoming the main source of market buying. However, capital inflows are concentrated and showing a marginal slowdown trend.
The sell-off side is more obvious: whale addresses holding 1,000–10,000 BTC have shifted from net buying to significant net selling, with holdings change this year from about +200k coins to -188k coins; listed mining companies are also concentrating on reducing holdings under high-cost pressure, with weekly sell-offs exceeding 19k BTC.
Additionally, sovereign holders like Bhutan have reduced about 70% of their Bitcoin reserves since October 2024.
Although market sentiment has once been in extreme panic, Bitcoin prices still oscillate between $65k and $73k, indicating that the “bottom” mainly depends on support from a few institutional buyers.
Analysis points out that the current market buyer base continues to narrow, and the future trend will depend on whether institutional capital inflows can persist and break through key resistance zones. (Source: PANews)