A new research report from Novaque Research suggests this recent surge in Bitcoin’s price is driven by more sustainable market fundamentals. The study reveals that miners have lessened selling pressure, attracting renewed investor interest and bolstering institutional positions. This shift signifies a significant change in market dynamics. Analyzing the past months of declining mining reserves, the report highlights a reaccumulation trend which has eased supply pressure, leading to increased buyer activity. The company’s analysis shows this is reflected in the bid-ask ratio, signaling aggressive buying activity with a rising ratio above 1.0. This shift represents a notable change in market sentiment, transitioning from weak buying behavior earlier this month to strong buying appetite in early October. The research firm also notes institutional confidence, with a surge in short and medium-term open positions within the CME options market indicating fresh capital inflows. If this trend continues, it could lead to a substantial relief rally, potentially wiping out approximately $16 billion worth of short positions.