Bitcoin Market Splits Amid US-Iran Tensions: Institutions Buy, Whales and Miners Sell

According to CoinDesk, amid the ongoing six-week geopolitical tension between the U.S. and Iran, the Bitcoin market has clearly split into two camps: "passive buyers," represented by Strategy and spot ETFs, continue to accumulate positions, while whales, mining companies, and certain sovereign holders have shifted toward selling. The selling pressure is pronounced: whale addresses holding 1,000–10,000 BTC have switched from net buying to significant net selling, with their year-to-date holdings changing from approximately +200,000 BTC to -188,000 BTC; publicly traded mining companies have also concentrated their sell-offs under high cost pressures, with weekly sales exceeding 19,000 BTC. Additionally, sovereign holders such as Bhutan have reduced their Bitcoin reserves by approximately 70% since October 2024. Analysis indicates that although market sentiment briefly entered an extreme fear zone, Bitcoin prices have remained range-bound between $65,000 and $73,000, suggesting that the price "floor" is primarily supported by a limited number of institutional buyers. The current buyer base continues to narrow, and future price movements will depend on whether institutional capital inflows can persist and break through key resistance levels.