Glassnode: CEX Remains the Largest and Most Persistent Source of Current Bitcoin Selling Pressure

July 20 (Bloomberg) - Glassnode disclosed data showing that miners have historically been a major source of selling pressure, however each halving event reduces their supply relevance. The net flow of miners over the past 12 months shows a general variation in total weekly balances of around ±500 BTC. net deposits/withdrawals to centralized exchanges and net flows into on-chain wallets of ETFs typically show large fluctuations of ±4,000 BTC, as the analysis of the data shows:
1, High selling pressure from miners tends to occur during periods of price volatility.
2, After the market hit a new high in March this year, outflows from ETFs dominated, which was mainly led by GBTC products.
3, Selling pressure from the German government has been huge over the past few weeks, however most of the outflows occurred after the price fell to $54,000, suggesting that the market is effectively pre-empting the news and that centralized exchanges are still the biggest and most persistent source of bitcoin selling pressure at the moment.