Glassnode data reveals the impact of miners on the Bitcoin market.

Glassnode's data shows that miners have always been an important source of selling pressure in the Bitcoin market. However, each halving event reduces their impact on supply. Over the past 12 months, miners' net flow has generally fluctuated by about ±500 BTC per week. In contrast, the net deposits and withdrawals from centralized exchanges and the net inflows into ETF on-chain wallets often show larger fluctuations, around ±4000 BTC.

 

Data analysis indicates that miners' high selling pressure usually occurs during periods of price volatility. Following the peak in March, outflows driven mainly by GBTC products dominated. In recent weeks, significant selling pressure was brought by the German government, with most outflows occurring after prices fell to $54,000 USD, indicating market anticipation of this news. Nevertheless, Bitcoin deposits on centralized exchanges remain the largest and most persistent source of selling pressure.