Research analysis shows that during the market sell-off, miners have less and less influence on BTC price movements. Glassnode disclosure data shows that centralized exchanges and US spot bitcoin exchange-traded funds (ETFs) have the greatest influence on BTC price movements. As of July 2024, centralized exchanges still hold more than 3 million BTC, while the assets under management of spot bitcoin ETFs are 887,000 BTC, compared to about 705,000 BTC held by miner-affiliated wallets. Glassnode said that this suggests that the impact of physical fund flows in bitcoin ETFs on the market could be around four to eight times higher than that of miners.