Golden Finance reported that Glassnode disclosed data showing that miners have historically been the main source of selling pressure, but each halving event reduces their supply relevance. Net flows of miners over the past 12 months show that the general change in total weekly balances is about ±500 BTC. Net deposits/withdrawals of centralized exchanges and net flows into ETF on-chain wallets usually fluctuate by ±4000 BTC. Data analysis results show that: 1. High selling pressure from miners often occurs during price fluctuations. 2. After the market hit a new high in March, outflows from ETFs dominated, which was mainly led by GBTC products. 3. The selling pressure from the German government in the past few weeks has been huge, but most of the outflows occurred after the price fell to $54,000, which shows that the market effectively preempted the news, and Bitcoin deposits on centralized exchanges are still the largest and most persistent source of selling pressure.

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