According to Odaily, recent research and analysis indicate that during market sell-offs, miners have a diminishing impact on Bitcoin (BTC) price movements. Data disclosed by Glassnode reveals that centralized exchanges and U.S. spot Bitcoin exchange-traded funds (ETFs) exert the most significant influence on BTC price trends. As of July 2024, centralized exchanges still hold over 3 million BTC, while spot Bitcoin ETFs manage assets totaling 887,000 BTC. In contrast, miner-associated wallets hold approximately 705,000 BTC. Glassnode suggests that the capital flows of Bitcoin ETFs may impact the market 4 to 8 times more than those of miners.