TechFlow News, April 11: According to CoinDesk, against the backdrop of approximately six weeks of ongoing U.S.-Iran geopolitical tensions, the Bitcoin market is clearly bifurcating into two camps: “passive buyers”—represented by Strategy and spot ETFs—continue accumulating Bitcoin, while whales, mining companies, and certain sovereign holders are shifting toward selling. The selling side is notably active: whale addresses holding 1,000–10,000 BTC have shifted from net buying to substantial net selling; their year-to-date holdings have turned from a gain of roughly 200,000 BTC to a loss of 188,000 BTC. Publicly listed mining firms, pressured by high operational costs, have also concentrated their selling—offloading over 19,000 BTC in a single week. Additionally, sovereign holders such as Bhutan have sold approximately 70% of their Bitcoin reserves since October 2024.
Analysis indicates that although market sentiment briefly plunged into the “extreme fear” zone, Bitcoin’s price has remained range-bound between $65,000 and $73,000, suggesting its “floor” is currently underpinned primarily by a narrow base of institutional buying. With the current buyer base continuing to shrink, Bitcoin’s near-term trajectory will hinge on whether institutional inflows can sustain momentum and break through key resistance levels.
