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—so-called “passive buyers” represented by Strategy and spot ETFs continue to absorb coins, while whales, mining companies, and some sovereign holders are shifting toward selling.

On the institutional front, Strategy continues to increase its BTC holdings; its total holdings have reached about 767,000 BTC. Meanwhile, US spot Bitcoin ETFs absorbed about 50,000 BTC in March, becoming the main source of market buying. However, capital inflows show a trend of being concentrated and slowing at the margin.

The selling side is also particularly evident: whale addresses holding 1,000–10,000 BTC have shifted from net buying to substantial net selling; their year-to-date holdings change has moved from about +200,000 to -188,000 BTC. Listed mining companies are also cutting holdings 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 their Bitcoin reserves by about 70% since October 2024.

Although market sentiment was once in an extreme panic range, the price of Bitcoin still trades in a sideways range of $65,000 to $73,000, indicating that the “bottom” mainly relies on support from a small number of institutional buyers. Analysts note that the current market buyer base continues to narrow, and the future trajectory will depend on whether institutional capital inflows can sustain and break through key resistance zones. (Source: PANews)