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

ME News message: On April 11 (UTC+8), against the backdrop of geopolitical conflicts continuing for about six weeks, the Bitcoin market is clearly splitting into two major camps. On the one hand, “passive buyers” represented by Strategy and spot Bitcoin ETFs continue to absorb liquidity; on the other hand, whales, mining companies, and some sovereign holders have shifted toward reducing their positions.

On the institutional front, Strategy continues to add to 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 market’s main source of buy-side demand. However, capital inflows are showing a trend of being concentrated and marginally slowing.

The selling side is particularly prominent. Whale addresses holding 1,000–10,000 BTC have shifted from net buying to substantial net selling. Year-to-date, their holdings changed from about +200,000 coins to -188,000 coins. Listed mining companies are also cutting positions in a concentrated manner under high-cost pressure, with weekly sell-offs exceeding 1.9 万 BTC. In addition, sovereign holders such as Bhutan have cut about 70% of their Bitcoin reserves since October 2024.

Although market sentiment once fell into the extreme fear range, Bitcoin’s price has still remained range-bound, trading between $65,000 and $73,000, indicating that the “bottom” largely depends on support from a small number of institutional buyers. Analysts note that the current market buyer base continues to shrink, and the subsequent trend will depend on whether institutional capital inflows can continue and break through key resistance zones. (Source: PANews)