The Bitcoin market has split into a two-track trend: ETFs and Strategies are providing support, while whales and mining companies are accelerating their exit.

CoinFeed reported on April 11th, citing CoinDesk, that amidst nearly six weeks of ongoing geopolitical conflict, the Bitcoin market is clearly diverging into two camps: passive buyers, represented by Strategy and spot ETFs, continue to accumulate, while whales, mining companies, and some sovereign holders are reducing their holdings. On the institutional side, Strategy continues to increase its BTC holdings, with total positions reaching 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 is showing a concentrated and gradually slowing trend.