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 lasting about six weeks, the Bitcoin market is clearly splitting into two major camps. “Passive buyers,” represented by Strategy and spot Bitcoin ETFs, continue to absorb liquidity, while whales, mining companies, and some sovereign holders are shifting toward selling.

On the institutional side, Strategy continues to increase its BTC holdings, with total holdings reaching about 767k BTC. Meanwhile, U.S. spot Bitcoin ETFs absorbed about 50k BTC in March, becoming the main source of market buying. However, capital inflows are concentrated and show a trend of marginal slowdown.

The sell-off side is also clearly more pronounced: whale addresses holding 1,000–10,000 BTC have shifted from net buying to significant net selling. Their holdings changed from about +200k BTC to -188.8k BTC this year. Listed mining companies are also cutting holdings in a concentrated manner under high-cost pressure, with weekly sell-offs exceeding 19k BTC. In addition, sovereign holders such as Bhutan have reduced about 70% of their Bitcoin reserves since October 2024.

Although market sentiment was once in an extreme panic range, the Bitcoin price has still remained range-bound between $65,000 and $73,000, showing that the “bottom” mainly depends on support from a small number of institutional buyers. Analysts point out that the current market buyer base continues to narrow, and the subsequent trend will depend on whether institutional capital inflows can continue and break through key resistance zones. (Source: PANews)