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 continuing for about six weeks, the Bitcoin market is clearly splitting into two major camps: “passive buyers” represented by Strategy and spot BTC ETFs continue to absorb chips, while whales, mining companies, and some sovereign holders are shifting to selling.

On the institutional side, Strategy continues to increase its BTC holdings, and its total holdings have reached about 767,000 BTC. At the same time, US spot Bitcoin ETFs absorbed about 50,000 BTC in March, becoming the main source of buy-side demand in the market. However, capital inflows are showing a trend of being concentrated and with marginal inflow slowing.

The sell-side picture is also clear: whale addresses holding 1,000–10,000 BTC have shifted from net buying to significant net selling. Within the year, their holdings changed from about +200,000 BTC to -188,000 BTC. Listed mining companies are also concentrating their sell-offs under high-cost pressure, with weekly sell-off volumes 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 briefly fell into an extreme panic range, Bitcoin price still traded in a range of $65,000 to $73,000, indicating that the market’s “bottom” mainly relies on support from a small number of institutional buyers. Analysis suggests that the current market buyer base continues to shrink, and future price action will depend on whether institutional capital inflows can keep going and break through key resistance zones. (Source: PANews)