The US-Iran conflict has caused a six-week divergence in the Bitcoin market: institutions continue to buy, while whales and mining companies accelerate selling.

Deep Tide TechFlow News, April 11, according to CoinDesk reports, against the backdrop of the ongoing geopolitical conflict between the U.S. and Iran lasting about six weeks, the Bitcoin market is clearly dividing into two major camps: “passive buyers” represented by Strategy and spot ETFs continue to absorb chips, while whales, mining companies, and some sovereign holders are shifting towards reducing holdings. The sell-off side is also showing obvious signs: whale addresses holding 1,000–10,000 BTC have shifted from net buying to significant net selling, with the year’s holding change from about +200k coins to -188k coins; listed mining companies are also concentrating on selling under high-cost pressure, with weekly sell-offs exceeding 19k BTC. Additionally, sovereign holders like Bhutan have reduced about 70% of their Bitcoin reserves since October 2024.

Analysis indicates that although market sentiment has once been in extreme panic, Bitcoin prices still remain oscillating between $65k and $73k, showing that the “bottom” mainly relies on support from a few institutional buyers. The current market buyer base continues to narrow, and the subsequent trend will depend on whether institutional capital inflows can persist and break through key resistance zones.