Glassnode: Spot Bitcoin ETFs 4 to 8 Times More Influential on BTC Price Than Miners

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On July 18, Glassnode analyzed several of the largest bitcoin investment entities and concluded that while miners have been the main source of sell-side pressure, centralized trading platforms and U.S. spot bitcoin ETFs now have the greatest impact on BTC price action, according to Cointelegraph. As of July 2024, trading platforms still hold more than 3 million bitcoins, while ETFs have 887,000 bitcoins in assets under management. In comparison, known miner-related wallets hold around 705,000 BTC, and the current U.S. spot Bitcoin ETF is now the second-largest Bitcoin pool.

Glassnode data shows that miners' balances fluctuate up and down by about 500 BTC per week, which is only a fraction of the variation in trading platform and ETF balances. “Historically, miners have been a major source of sell-side pressure, but their supply relevance does decline with each halving event,” and currently, trading platform and ETF balances can change by about 4,000 BTC per week, Glassnode said, ”suggesting that the market influence flowing through these entities may be four to eight times greater than that of miners. The bitcoin market absorbed 48,000 BTC in the last month. the complete exhaustion of sell-side pressure from the German government provided ample relief to the market, and the initial glimmer of a new demand side spurred positive price action.”