BTC market shows clear polarization as institutions buy, others sell

As Bitcoin remains in a $65,000 to $73,000 range for the past six weeks, the market is showing a distinct polarization where institutions are buying while other cohorts are selling, CoinDesk reported. According to the analysis, mandatory buyers such as MicroStrategy and U.S. spot ETFs are defending the price floor. Meanwhile, whales, medium-sized holders, miners, and some countries are strengthening their trend of selling or reducing holdings. Specifically, whale holdings have reversed from an annual accumulation trend of 200,000 BTC to a reduction of 188,000 BTC, and the growth rate of holdings by medium-sized investors has slowed by over 60%. Miners have sold more than 19,000 BTC in the past week amid operational pressures, and Bhutan has also significantly reduced its holdings. On the other hand, ETFs have absorbed about 50,000 BTC per month, supporting the downside, though recent weekly inflows have slowed. While a short-term rebound occurred after a ceasefire between the U.S. and Iran, the key variable is whether limited institutional demand can continue to absorb the selling pressure and break the $73,000 resistance.