The Bitcoin market is experiencing a division as geopolitical tensions between the U.S. and Iran persist. Institutional investors, including Strategy and spot ETFs, are actively accumulating Bitcoin, while whales, mining companies, and some sovereign holders are selling off their holdings. Whale addresses holding 1,000–10,000 BTC have shifted from net buying to significant net selling, with a year-to-date change from +200,000 BTC to -188,000 BTC. Publicly traded mining companies are also under pressure, selling over 19,000 BTC weekly. Sovereign holders like Bhutan have reduced their Bitcoin reserves by about 70% since October 2024. Despite these sell-offs, Bitcoin prices have remained between $65,000 and $73,000, supported by institutional buyers. The market's future hinges on whether institutional inflows can sustain and overcome resistance levels.