Glassnode: The impact of spot Bitcoin ETFs on BTC prices is 4 to 8 times that of miners
ChainCatcher news, according to Cointelegraph, Glassnode concluded after analyzing several of the largest Bitcoin investment entities that while miners have historically been a major source of selling pressure, centralized exchanges and U.S. spot Bitcoin ETFs now have the greatest impact on BTC price movements. As of July 2024, exchanges still hold over 3 million Bitcoins, while ETFs manage assets of 887,000 Bitcoins. In contrast, known miner-related wallets hold approximately 705,000 BTC. Currently, U.S. spot Bitcoin ETFs have become the second-largest Bitcoin pool.Glassnode data shows that miner balances fluctuate by about 500 BTC weekly, which is just a small part of the changes in exchange and ETF balances. "Historically, miners have been a major source of selling pressure, but with each halving event, their supply correlation does tend to decrease," and currently, exchange and ETF balances may change by about 4,000 BTC weekly, Glassnode stated, "This suggests that the market influence flowing through these entities may be 4 to 8 times greater than that of miners. The Bitcoin market absorbed 48,000 BTC last month. The complete exhaustion of selling pressure from the German government has provided ample relief to the market, while the initial glimmer of new demand has stimulated positive price movements."