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

ME News report: April 11 (UTC+8). Against the backdrop of ongoing geopolitical conflicts lasting about six weeks, the Bitcoin market is clearly splitting into two major camps—on the one hand, “passive buyers” represented by Strategy and spot Bitcoin ETFs continue to absorb supply; on the other hand, whales, mining companies, and some sovereign holders are shifting toward selling.

On the institutional side, Strategy continues to add to its BTC holdings, bringing total holdings to approximately 767,000 coins. Meanwhile, US spot Bitcoin ETFs absorbed about 50,000 BTC in March, becoming the market’s main source of buy-side demand. However, capital inflows are concentrated and show a marginal slowdown trend.

The sell-off side is especially pronounced. Whale addresses holding 1,000–10,000 BTC have shifted from net buying to significant net selling; the year-to-date change in holdings has moved from about +200,000 coins to -188,000 coins. Listed mining companies are also cutting holdings in a concentrated manner under high-cost pressure, with weekly sell-offs exceeding 19,000 BTC. In addition, sovereign holders such as Bhutan have reduced about 70% of their Bitcoin reserves since October 2024.

Although market sentiment once fell within an extreme panic range, the Bitcoin price still remained trading within the $65,000–$73,000 band, showing that the “bottom” mainly relies on support from a small number of institutional buyers. Analysis indicates that the current market buyer base continues to narrow, and the future direction will depend on whether institutional capital inflows can continue and break through key resistance zones. (Source: PANews)