The Bitcoin (BTC) market is splitting into two camps following six weeks of conflict headlines, $600 million liquidation events, and the worst sentiment readings since the 2022 bear market. Three entities, Strategy, Bitmine Immersion Technologies, and CoinShares, account for nearly all of the sustained buying pressure in the bitcoin market. Strategy has been the most visible, adding 4,871 BTC for approximately $329.9 million at an average of $67,718 per coin. Total holdings now stand at 766,970 BTC acquired for $58.02 billion at a blended cost basis of $75,644. Meanwhile, U.S. spot bitcoin ETFs absorbed approximately 50,000 BTC in March's 30-day rolling window, the highest monthly pace since October 2025. However, the broader ETF industry data tracked on a weekly basis tells a less bullish story. Mid-tier holders, who have accumulated over 100,000 Bitcoin since October 25, are still technically accumulating but have seen a decline in pace.