Analyst: New BTC buyers' holdings continue to rise, having increased by 300,000 from the bottom, and market risk appetite is gradually returning

According to analyst Murphy, the on-chain holdings of new Bitcoin buyers (short-term holders) have continued to rebound, increasing from a temporary low of 3.38 million to 3.68 million.

Although this scale is still over 1 million coins away from the peak of the last bull market, analysts believe that as the macro environment improves, investors' risk appetite is gradually recovering. From a historical cycle comparison, the current holdings of new buyers are roughly equivalent to the levels seen in mid-August 2022 (the latter half of the bear market). At that time, the BTC price rebounded from a low of about $19,000 to $24,000, an increase of about 26%; while this time, BTC rebounded from $62,000 to $79,000, an increase of about 27%, showing a similar rebound magnitude.

It is worth noting that although the amount of capital required to accumulate the same number of BTC is now 3 to 4 times that of the past, there are still many strong new buyers entering the market. This phenomenon indicates that the market depth, capital capacity, and participant structure of Bitcoin have fundamentally changed, further solidifying its status as a mainstream asset.