According to ChainCatcher, Glassnode analyzed the largest Bitcoin investment entities and concluded that although miners have always been the main source of seller pressure, centralized trading platforms and US spot Bitcoin ETFs now have the greatest impact on BTC price trends. As of July 2024, trading platforms still hold more than 3 million Bitcoins, while ETFs manage 887,000 Bitcoins. In contrast, known miner-related wallets hold about 705,000 BTC. The current US spot Bitcoin ETF has become the second largest Bitcoin pool.
Glassnode data shows that miner balances fluctuate by about 500 BTC per week, which is only a small part of the changes in trading platform and ETF balances. "Historically, miners have been the main source of sell-side pressure, but their supply relevance does decline with each halving event," and currently, trading platform and ETF balances may change by about 4,000 BTC per week, Glassnode said, "This shows that the market influence flowing through these entities may be 4 to 8 times greater than the market influence of miners. The Bitcoin market absorbed 48,000 BTC last month. The complete exhaustion of the German government's sell-side pressure provided ample relief to the market, and the initial dawn of new demand stimulated positive price movements."
