The US-Iran conflict has led to a divergence in the Bitcoin market over the past 6 weeks, with institutions continuing to buy, while whales and mining companies accelerate their sell-off

According to CoinDesk, amid the ongoing geopolitical conflict between the U.S. and Iran for about six weeks, the Bitcoin market is clearly dividing into two camps: "passive buyers" represented by Strategy and spot ETFs are continuously absorbing chips, while whales, mining companies, and some sovereign holders are turning to reduce their holdings.

The selling side is showing clear signs: whale addresses holding 1,000 to 10,000 BTC have shifted from net buying to significant net selling, with the change in holdings this year moving from about +200,000 coins to -188,000 coins; publicly listed mining companies are also concentrating on reducing holdings under high cost pressure, with weekly sales exceeding 19,000 BTC. In addition, sovereign holders like Bhutan have reduced their Bitcoin reserves by about 70% since October 2024.

Analysis points out that despite market sentiment once being in an extreme panic zone, the Bitcoin price has remained volatile in the range of $65,000 to $73,000, indicating that the price "bottom" mainly relies on support from a few institutional buyers. The current market buyer base continues to narrow, and future trends will depend on whether institutional capital inflows can continue and break through key resistance zones.