According to Glassnode research, ETFs and exchanges have 4-8 times more influence on Bitcoin prices than miners.
Currently, exchanges hold more than 3 million BTC, while ETFs hold about 887,000 BTC. In contrast, miners' wallets only hold about 705,000 BTC.
Miner balances change around 500 $BTC per week, while exchanges and ETFs change up to 4,000 BTC per week.
While miners are still important, their influence on BTC prices is currently very small compared to exchanges and ETFs.
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