Bitcoin is rallying despite a Federal Reserve rate hike and the failure of the Clarity Act, a US crypto market-structure bill, and on-chain data suggests sellers may be nearly exhausted.

In a video interview published by Bitcoin Magazine, Mitchell Askew, Head of Blockware Intelligence, breaks down long-term holder supply, which hit an all-time high of 15 million BTC this summer. Set against bitcoin's capped supply of 21 million coins, that means roughly 70 percent of all bitcoin that will ever exist is now counted as long-term holdings — a gauge on-chain analysts use to estimate how much floating supply remains available to newer buyers. Askew explains why so many coins sitting still signals more room for price to run, and shares what Bitcoin ETF flows reveal about institutional buyers returning to the market. Spot Bitcoin ETFs, which launched in the United States in January 2024, opened a regulated, exchange-listed channel for institutional exposure, and their daily flow readings have since become one of the most closely followed gauges of demand in the asset class.

The conversation then widens beyond price: chapters cover why the four-year halving cycle — Bitcoin's pre-programmed schedule of cutting new miner rewards in half roughly every four years — may be breaking, how AI data centers are pulling compute and power away from Bitcoin mining, and what a hash rate bear market means for miners, before turning to generational economics, from why Gen Z isn't buying homes to whether the cohort will ever save in bitcoin, and whether Bitcoin's drawdowns are getting shallower. For readers following along, the two datasets Askew leans on — long-term holder supply and ETF flows — update regularly, making them the natural indicators to watch next.

The full discussion is organized into the following chapters:

• 0:00 — Mitchell Askew of Blockware Intelligence on Bitcoin's Rally
• 0:22 — Is Bitcoin Selling Pressure Exhausted? Long-Term Holder Supply
• 1:36 — Bitcoin ETF Flows & Returning Institutional Buyers
• 2:36 — Why the Four-Year Halving Cycle Is Breaking
• 4:06 — AI Data Centers Pulling Compute Away From Bitcoin Mining
• 5:56 — The Hash Rate Bear Market: Should Bitcoiners Worry?
• 6:58 — Stranded Energy, Global Mining & AI Data Center Arbitrage
• 8:12 — Why Gen Z Isn't Buying Homes
• 9:58 — Will Gen Z Ever Save in Bitcoin?
• 11:26 — Shallower Drawdowns & the Future of Bitcoin Cycles

DISCLAIMER: The views and opinions expressed in this show are those of the participants and do not necessarily reflect the official policy or position of BTC Inc., Bitcoin Magazine, or any affiliated entities. This content is provided for informational and educational purposes only and should not be construed as investment, legal, tax, or accounting advice. Nothing contained in this show constitutes a solicitation, recommendation, endorsement, or offer to buy or sell any securities or financial instruments. Viewers should consult their own advisors before making financial or business decisions.

This post, Mitchell Askew Explains What 15M Inactive BTC Means for Bitcoin's Next Move, first appeared on Bitcoin Magazine and is written by Patrick Green.