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

ME News Update. On April 11 (UTC+8), against the backdrop of nearly six weeks of ongoing geopolitical conflicts, the Bitcoin market is clearly splitting into two major camps: “passive buyers” represented by Strategy and spot Bitcoin ETFs continue to absorb supply, while whales, mining companies, and some sovereign holders are shifting toward reducing positions.

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 market’s main source of buy pressure. However, capital inflows are showing a trend of being concentrated and with marginal slowdown.

The sell-side performance is also evident: whale addresses holding 1,000–10,000 BTC have shifted from net buying to large-scale net selling, with their year-to-date holdings change moving from about +200,000 coins to -188,000 coins; listed mining companies are also concentrating their sell-downs 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, Bitcoin prices have still remained in a trading range of $65,000 to $73,000, indicating that the “bottom” mainly relies on support from a small number of institutional buyers. Analysts point out that the current market’s buyer base continues to shrink, and the next move will depend on whether institutional capital inflows can sustain and break through key resistance zones. (Source: PANews)