On-Chain Data Suggests Bitcoin Selling Pressure Is Fading

According to Mitchell Askew, Head of Blockware Intelligence, on-chain data indicates that Bitcoin sellers are becoming exhausted. Despite a Federal Reserve rate hike and the failure of the Clarity Act, long-term holder supply reached a record 15 million BTC this summer, signaling potential for further price growth. Askew also noted that Bitcoin ETF flows reflect a return of institutional interest.