Coindesk analyzed that while BTC has maintained a box range of $65,000-$73,000 for the past six weeks, a clear polarization phenomenon is emerging in the market where institutions are buying and others are selling. The media reported, "While mandatory buyers such as strategies and US spot ETFs are defending the price floor, whales, medium-sized holders, mining companies, and some countries are showing a strong trend of selling or reducing their holdings. In particular, whale holdings have reversed from an annual increase of 200,000 BTC to a decrease of 188,000 BTC, and the rate of increase in holdings by medium-sized investors has also slowed by more than 60%. Mining companies sold over 19,000 BTC in the past week due to operational burdens, and Bhutan also significantly reduced its holdings. On the other hand, ETFs supported the downside by absorbing approximately 50,000 BTC per month, but recent weekly inflows appear to be slowing down. A short-term rebound occurred after the truce between the US and Iran, but whether limited institutional demand can continuously absorb selling pressure and break through the $73,000 resistance is identified as a key variable."
