Glassnode disclosed data showing that Miners have always been a major source of selling pressure, but their supply drops with each Halving event. The net flow of Miners in the past 12 months shows a general fluctuation of about ±500 BTC in the total balance per week. The net deposit/withdrawal volume of centralized exchanges and the net flow into ETF-linked Wallets often experience larger fluctuations of around ±4000 BTC. Data analysis results show that: 1. High selling pressure from Miners often occurs during price fluctuations. 2. After the market reached a new high in March, outflows from ETFs dominated, mainly led by the GBTC product. 3. In the past few weeks, there has been significant selling pressure from the German government, but most of the outflows occurred after the price dropped to $54,000, indicating that the market effectively preempted the news, and centralized exchange BTC deposits remain the largest and most persistent source of selling pressure.