According to Foresight News, Glassnode disclosed data showing that miners have historically been the main source of selling pressure, but each halving event reduces their supply relevance. The net flow of miners over the past 12 months shows that the general change in total balance per week is about ±500 BTC.

Net deposits/withdrawals from centralized exchanges and net flows into ETF on-chain wallets typically experience large fluctuations of ±4,000 BTC.

Data analysis results show that high selling pressure from miners often occurs during price fluctuations. After the market hit a new high in March, ETF outflows dominated, mainly led by GBTC products.

Selling pressure from the German government has been enormous over the past few weeks, however most of the outflow occurred after the price fell to $54,000, suggesting that the market is front-running the news, with centralized exchange Bitcoin deposits remaining the largest and most persistent source of selling pressure.