Analysis: Bitcoin ETFs have 4-8 times more influence on prices than miners

During the market sell-off, the influence of miners on the BTC price trend is becoming smaller. Data disclosed by Glassnode shows that centralized exchanges and US spot Bitcoin exchange-traded funds (ETFs) have the greatest impact on the BTC price trend. As of July 2024, centralized exchanges still hold over 3 million BTC, while spot Bitcoin ETFs manage assets of 887,000 BTC. In contrast, miner-associated wallets hold about 705,000 BTC. Glassnode suggests that this indicates that the impact of Bitcoin ETFs' actual fund flows on the market may be about 4 to 8 times higher than that of miners.