Bitcoin market splits into two tracks: ETFs and strategy buying, while whales and miners sell.

ME News reports that on April 11 (UTC+8), amid ongoing geopolitical tensions lasting approximately six weeks, the Bitcoin market has clearly split into two camps: “passive buyers,” represented by Strategy and spot ETFs, continue accumulating positions, while whales, mining companies, and certain sovereign holders have shifted toward selling. On the institutional side, Strategy has continued to increase its BTC holdings, with total holdings now reaching approximately 767,000 BTC. Meanwhile, U.S. spot Bitcoin ETFs absorbed around 50,000 BTC in March, becoming the primary source of market demand. However, capital inflows have become increasingly concentrated and are showing signs of slowing momentum. On the selling side, the trend is pronounced: whale addresses holding 1,000–10,000 BTC have shifted from net buying to significant net selling, with their year-to-date holdings changing from a net increase of approximately +200,000 BTC to a net decrease of -188,000 BTC. Listed mining companies have also collectively reduced holdings under pressure from high operating costs, with single-week sales exceeding 19,000 BTC. Additionally, sovereign holders such as Bhutan have reduced their Bitcoin reserves by approximately 70% since October 2024. Despite market sentiment briefly entering an extreme fear zone, Bitcoin prices have remained range-bound between $65,000 and $73,000, indicating that price support at this level relies primarily on a narrow base of institutional buying. Analysts note that the current buyer base is steadily narrowing, and future price movements will depend on whether institutional capital inflows can continue and break through key resistance levels. (Source: PANews)