Bitcoin rallied after a Fed hike. Who bought it?

Bitcoin rallied after the Federal Reserve’s rate hike, indicating that buyers viewed the move as less hawkish than feared or had already priced it in. The available reporting points to renewed institutional and larger-investor demand, rather than a broad retail-led surge, as the main support for the move. The rally suggests Bitcoin is increasingly trading on expectations for future liquidity and monetary policy, though its durability remains dependent on macroeconomic conditions.