**[US-Iran Conflict: Bitcoin Market Diverges Over 6 Weeks—Institutions Continue Buying, Whales and Mining Firms Accelerate Selling]** Deep Tide TechFlow reports, on April 11, according to CoinDesk, amid the ongoing US-Iran geopolitical conflict lasting approximately six weeks, the Bitcoin market has clearly split into two camps: "passive buyers," represented by strategies and spot ETFs, continue accumulating, while whales, mining firms, and some sovereign holders have shifted to selling. The selling side is particularly evident: whale addresses holding 1,000–10,000 BTC have transitioned from net buying to significant net selling, with year-to-date holdings shifting from approximately +200,000 BTC to -188,000 BTC. Publicly listed mining firms, under high-cost pressures, have also concentrated their selling, with weekly sales exceeding 19,000 BTC. Additionally, sovereign holders like Bhutan have reduced their Bitcoin reserves by about 70% since October 2024. Analysts point out that despite market sentiment briefly entering extreme fear territory, Bitcoin's price has remained oscillating within the $65,000 to $73,000 range, indicating that the price "floor" is primarily supported by a small number of institutional buyers. The current market's buyer base continues to narrow, and future trends will depend on whether institutional capital inflows can persist and break through key resistance levels.