According to Golden Finance, data disclosed by Glassnode shows 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 typically fluctuate by ±4,000 BTC. Data analysis results show:

1. High selling pressure from miners often occurs during price fluctuations.

2. After the market hit a new high in March, ETF outflows dominated, which was mainly led by GBTC products.

3. The selling pressure from the German government has been enormous in the past few weeks, however most of the outflows occurred after the price fell to $54,000, indicating that the market effectively preempted the news, and Bitcoin deposits on centralized exchanges remain the largest and most persistent source of selling pressure.