Bitcoin market fragmentation moves into a dual-track trend: ETFs and Strategy provide backup and stabilization, while whales and mining companies accelerate their exit

ME News Message, 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 BTC ETFs continue to absorb supply, while whales, mining companies, and some sovereign holders shift toward selling.
On the institutional side, Strategy continues to add to its BTC holdings, with total holdings reaching about 767,000 coins; meanwhile, US spot Bitcoin ETFs absorbed about 50,000 BTC in March, becoming the main source of market buying. However, capital inflows show a pattern of concentration and a marginal slowdown.
The sell-off side is also notably stronger: whale addresses holding 1,000–10,000 BTC have shifted from net buying to significant net selling, with year-to-date holdings changing from about +200,000 coins to -188,000 coins. Listed mining companies are likewise concentrating their sell-downs under high-cost pressure, with weekly sell-off volumes 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 an extreme fear range, Bitcoin prices still traded in a range between $65,000 and $73,000, showing that the “bottom” of the price mainly depends on support from a small number of institutional buyers. Analysts point out that the current market buyer base continues to shrink, and the subsequent trend will depend on whether institutional capital inflows can keep going and break through key resistance zones. (Source: PANews)