Historical data from Glassnode reveals that Bitcoin miners have traditionally been a significant source of selling pressure in the market. However, the impact of miners on the market has decreased with each halving event, reducing their supply-related influence. Over the past year, miners' net flow has shown a relatively stable weekly balance change of around ±500 BTC.

In contrast, centralized exchanges and ETF on-chain wallets have exhibited larger fluctuations in net deposits and withdrawals, ranging from ±4000 BTC. This suggests that these entities have a more significant impact on market volatility. Notably, high selling pressure from miners tends to occur during periods of price volatility, as seen in the market peak in March.

Recent data analysis reveals that ETF outflows, primarily driven by the GBTC product, have dominated the market since the March peak. Additionally, significant selling pressure has come from the German government, with most outflows occurring after the price dropped to $54,000. This suggests that the market anticipated the news, leading to a decrease in price.

Despite these factors, Bitcoin deposits on centralized exchanges remain the largest and most persistent source of selling pressure. This indicates that market sentiment and investor behavior continue to play a significant role in shaping the Bitcoin market.

In conclusion, while miners were once a significant source of selling pressure in the Bitcoin market, their influence has waned with each halving event. Other market players, such as centralized exchanges and ETFs, now have a more substantial impact on market volatility. Understanding these dynamics is crucial for investors and market participants seeking to navigate the complex Bitcoin market.