Bitcoin Price Rally Driven by Exhausted Sellers and Institutional Buyers

Despite the recent Federal Reserve rate hike and the failure of the Clarity Act, Bitcoin's price has continued to rally. According to Mitchell Askew, Head of Blockware Intelligence, this could be due to a combination of factors, including exhausted seller supply and institutional buyers returning to the market.

Askew points out that long-term holder supply hit an all-time high of 15 million BTC in August, indicating that many coins are currently sitting still. He believes this signals more room for price growth, as sellers may be nearly depleted.

The on-chain data suggests that institutional buyers have been returning to the market, with Bitcoin ETF flows showing a significant increase in recent months. This could be a sign of renewed interest from large-scale investors, which would support further price gains for BTC.