Glassnode: Bitcoin Miners' Impact Wanes Compared to Spot BTC ETF

IconCryptoNewsTerminal Staff18 Jul, 2024

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Glassnode: Bitcoin Miners' Impact Wanes Compared to Spot BTC ETF

According to Cointelegraph, on-chain analytics firm Glassnode revealed that "the impact of a Bitcoin spot ETF on the crypto market is four to eight times larger than the present impact of Bitcoin miners." Glassnode stated that "post-halving, the influence of Bitcoin miners on the market has diminished." While miner holdings have fluctuated by around 500 BTC weekly, Bitcoin spot ETF holdings have seen changes of up to 4,000 BTC. This trend is expected to continue due to the hash rate reduction associated with halvings.