According to Odaily Planet Daily, research and analysis show that during the market sell-off, miners have less and less influence on BTC price trends. Glassnode disclosed data showing that centralized exchanges and US spot Bitcoin exchange-traded funds (ETFs) have the greatest influence on BTC price trends.
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.
