Glassnode's disclosure data shows that miners have historically been a major source of selling pressure, yet each halving event reduces their supply correlation. Net miner flows over the past 12 months show a general change in weekly total balances of around ± 500 BTC. Net deposits/withdrawals on centralized exchanges and net flows into wallets on the ETF chain typically see large fluctuations of ± 4000 BTC, data analytics results show: 1. Miners' high selling pressure often occurs during periods of price volatility. After the market hit a new high in March, ETF outflows dominated, mainly led by GBTC products. The selling pressure from the German government over the past few weeks has been tremendous, but most of the outflows have occurred after prices fell to $54,000, indicating that the market has effectively been ahead of the news. Bitcoin deposits on centralized exchanges remain the largest and most persistent source of selling pressure.