Glassnode's latest report indicates that despite the reduced supply correlation of miners post-halving events, the net deposit/outflow volumes of Bitcoin from centralized exchanges (CEXs) and the flow into ETF-linked wallets usually bring about larger fluctuations. This was notably seen after market peaks in March, with GBTC-led ETF outflows taking the lead. In recent weeks, there has been an exceptionally high selling pressure from the German government, with most of these outflows happening after prices fell to $54,000, indicating that the market had already reacted to the negative information beforehand. In general, while miner selling pressure is less frequent, deposits of Bitcoin at CEXs still represent the largest and most consistent source of selling pressure in the current market.