Bitcoin ETFs and exchanges now significantly influence the market, impacting it up to eight times more than miners, according to a new Glassnode report. This shift is evident as centralized exchanges (CEXs) now hold three million BTC, about one-seventh of the total supply, while ETF providers collectively hold 887,000 BTC.
Sell-side pressure from miners has decreased following each halving event, with miners currently holding about 705,000 BTC. Historical milestones include the German government’s recent offloading of 50,000 BTC, primarily between July 7 and 10, after the market bottomed around $54,000.
An interesting trend is the robust number of HODLers in profit, even during significant sell-offs, with only 25% of coins at an unrealized loss. In contrast, 66% of BTC held by short-term holders was tipped into the red during this period.
Bitcoin’s price has seen a recovery, nearing $68,500, following the German government’s sell-off. The strategic importance lies in Bitcoin potentially breaking the $70,000 barrier and surpassing its all-time high of $73,750, which would propel it into unprecedented territory and likely boost ETF inflows.
