Bitcoin miners see diminished impact on BTC price action compared to exchanges and ETFs.
Bitcoin miners' "market influence" pales in comparison to the ETFs and exchanges when it comes to BTC price pressure, says Glassnode.Bitcoin miners may have seen tough times since the latest block subsidy halving cut the block reward by 50%, but they should be the least of bulls’ concerns.
“Through history, large coin holdings have ended up custodied by market agnostic entities, such as the Mt.Gox trustee, tasked with holding the coins recovered after the collapse and bankruptcy of the Mt.Gox exchange. Similarly, significant coin volumes have been seized by government law enforcement, which are periodically sold off in tranches,” Glassnode explained.
Exchange and ETF balances can change by around 4,000 BTC each week, something Glassnode says “suggesting flows through these entities are likely to have a market influence of around 4x to 8x larger than for miners.”provided another competitor to miners. While “tremendous,” onchain data suggests that markets priced in Germany’s multi-billion-dollar distribution in advance.
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