Analysis: Bitcoin ETFs have about 4-8 times more influence on prices than miners

Research and analysis show that during market sell-offs, miners have less and less influence on BTC price movements. Glassnode disclosed data showing that centralized exchanges and US spot Bitcoin exchange-traded funds (ETFs) have the greatest influence on BTC price movements. As of July 2024, centralized exchanges still hold more than 3 million BTC, while spot Bitcoin ETFs manage 887,000 BTC, compared to about 705,000 BTC held by miner-related wallets. Glassnode said this shows that the impact of Bitcoin ETF physical fund flows on the market may be about 4 to 8 times higher than that of miners. (Cointelegraph)

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