PANews reported on April 11 that, according to CoinDesk, against the backdrop of geopolitical conflicts lasting for about six weeks, the Bitcoin market is clearly divided into two camps: "passive buyers" represented by Strategy and spot ETFs continue to accumulate tokens, while whales, mining companies, and some sovereign holders are turning to reducing their holdings.

On the institutional front, Strategy& continued to increase its BTC holdings, bringing its total holdings to approximately 767,000 coins. Meanwhile, the US spot Bitcoin ETF absorbed approximately 50,000 BTC in March, becoming a major source of buying interest. However, the inflow of funds showed a concentrated trend and a marginal slowdown.

The sell-off was evident: whale addresses holding 1,000–10,000 BTC shifted from net buying to significant net selling, with their year-to-date holdings changing from approximately +200,000 BTC to -188,000 BTC; listed mining companies also concentrated on reducing their holdings under high cost pressure, with weekly sales exceeding 19,000 BTC. Furthermore, sovereign holders such as Bhutan have reduced their Bitcoin reserves by approximately 70% since October 2024.

Despite market sentiment reaching a point of extreme panic, Bitcoin's price remained range-bound between $65,000 and $73,000, indicating that the price "bottom" was primarily supported by a small number of institutional buyers. Analysts point out that the current market's buying base is continuously narrowing, and future price movements will depend on whether institutional inflows can be sustained and whether the price can break through key resistance levels.