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), against the backdrop of geopolitical conflicts lasting about six weeks, the Bitcoin market is clearly splitting into two camps. “Passive buyers,” represented by Strategy and spot ETFs, continue to absorb coins, while whales, mining companies, and some sovereign holders are shifting to reducing their holdings.

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

The sell-side picture is also particularly clear. Whale addresses holding 1,000–10,000 BTC have shifted from net buying to significant net selling; their year-to-date holdings changed from about +200,000 coins to -188,000 coins. Listed mining companies are also concentrating on reducing holdings under high-cost pressure, with weekly sell-offs exceeding 19,000 BTC. In addition, sovereign holders such as Bhutan have reduced about 70% of their Bitcoin reserves since October 2024.

Although market sentiment once fell into a state of extreme panic, the Bitcoin price has still remained range-bound, oscillating between 65,000 and 73,000 dollars, suggesting that the “bottom” mainly depends on support from a small number of institutional buyers. Analysis indicates that the current market buyer base continues to narrow, and the next move will depend on whether institutional capital inflows can continue and break through the key resistance zone. (Source: PANews)