The bitcoin market is splitting in two. Here's who is buying and selling amid the war

What Happened

Six weeks of conflict have divided the bitcoin market into two groups: institutional buyers who accumulate regardless of conditions, and retail investors who are exiting. Three entities drive sustained buying pressure through business requirements rather than discretionary decisions. Whales holding 1,000 to 10,000 BTC have reversed from net buyers to net sellers, showing approximately 388,000 BTC distribution. Mid-tier holders' accumulation pace collapsed over 60% since October 2025. Bitcoin miners are liquidating treasuries amid rising energy costs.

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