To me, this is mostly the bitcoin ETF doing this. We all knew for years that a bitcoin ETF would make it so easy for people to buy bitcoins and I believe this is causing a shortage of available coins.

The other thing is, and I have always noticed this is that bitcoin holders are die hard holders and are all just mostly holding. Since it takes time to get the coins on the exchange to sell them, people will also not rush into selling them quickly and will hold them while the price keeps rising.

There is a serious supply issue caused by the ETFs.

Either way, I'm glad I purchased my 2 bitcoins for 21K each in 2022, it was not an easy buy at that time as I thought 10K was possible, especially since I was down so much in the stock market at that time, but I knew it made sense to buy bitcoin when it was down so much from the highs.