Glassnode data shows that miner selling pressure decreased after the halving event.

Glassnode data reveals that miners have historically been a major source of selling pressure, but each halving event reduces their supply correlation. Miners' net flows in the past 12 months show a general weekly balance change of around ±500 BTC.

 

Net deposit/withdrawal volumes on centralized exchanges and net flows into ETF-linked wallets typically exhibit larger fluctuations of around ±4000 BTC.

 

Data analysis results indicate that miners' high selling pressure often occurs during price volatility. Following the market reaching new highs in March, outflows from ETFs dominated, primarily led by GBTC products.

 

Significant selling pressure from the German government has been observed in recent weeks; however, most outflows occurred after prices dropped to $54,000 USD. This suggests that news-driven market rushes remain the largest and most persistent sources of selling pressure for Bitcoin deposits on centralized exchanges.