Report: Bitcoin's current decline should not be attributed to "miner capitulation" because miners' sales force accounts for a very low proportion

According to the Daily Planet, despite the claim that much of the current decline in Bitcoin is due to "miner capitulation," Paradigm Capital's recent research refutes all rumors that miners are capitulating, computing power is plummeting, and Bitcoin is being sold off in large quantities. The report begins by claiming that there is a widespread stereotype that miners have a disproportionate advantage in Bitcoin prices.
The report notes that the miners' share of on-chain production (MSV) metric shows that the impact of miners is decreasing over time. Unlike the early days of Bitcoin, today almost all mining rewards are sent from the receiving address on the day they arrive, which effectively reduces the MSV. In the past, Bitcoin could be mined with a relatively good gaming computer. Today, it's all managed by mining pools, and the number of mining pools is increasing. The outflow of funds from miners to exchanges is also an indicator of how much Bitcoin has been sold on the market. Using a logarithmic chart shows that this situation is balanced, rather than having a huge impact on the price after a month. The report measures the impact of mining on the market through multiple indicators. Looking for correlations, the researchers concluded that miners actually account for only a small part of Bitcoin's market selling power. (Bitcoinist)