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: On April 11 (UTC+8), against the backdrop of geopolitical conflicts that have continued for about six weeks, the Bitcoin market is clearly splitting into two major camps: “passive buyers” represented by Strategy and spot Bitcoin ETFs are continuing to absorb chips, while whales, mining firms, 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 coins. At the same time, 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 showing a concentrated pattern and a trend of marginal slowdown.

The sell-side looks even more pronounced: whale addresses holding 1000–10000 BTC have shifted from net buying to a large net selling position. Within the year, their holdings changed from about +200k coins to -188k coins. Listed mining companies are also cutting holdings in a concentrated manner under high-cost pressure, with weekly sell-off volumes exceeding 19,000 BTC. In addition, sovereign holders such as Bhutan have cut their Bitcoin reserves by about 70% since October 2024.

Although market sentiment once fell into an extreme panic range, the Bitcoin price has still been trading in a range of $65,000 to $73,000, indicating that the “bottom” is mainly supported by buy orders from a small number of institutions. Analysis suggests that the current market’s buyer base continues to shrink, and the future direction will depend on whether institutional capital inflows can continue and break through key resistance zones. (Source: PANews)