According to Foresight News, Glassnode's data reveals that miners have historically been a significant source of selling pressure in the Bitcoin market. However, each halving event reduces their supply-related influence. Over the past 12 months, the net flow of miners has shown a general weekly balance change of approximately ±500 BTC. In contrast, centralized exchanges' net deposits/withdrawals and net flows into ETF on-chain wallets often exhibit larger fluctuations of around ±4000 BTC.
The data analysis indicates that high selling pressure from miners typically occurs during periods of price volatility. Following a market peak in March, ETF outflows, primarily driven by the GBTC product, have dominated. In recent weeks, significant selling pressure has come from the German government, with most outflows occurring after the price dropped to $54,000, suggesting that the market anticipated the news. Despite this, Bitcoin deposits on centralized exchanges remain the largest and most persistent source of selling pressure.
