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.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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