Recently, the holdings of new BTC buyers have been steadily increasing, currently rising from the bottom of 3.38 million coins to 3.68 million coins.

Although there is still a gap of over 1 million coins from the peak of the bull market, it at least indicates that as the macro environment improves, investors' risk appetite is gradually returning.
Compared to the previous cycle, this is roughly equivalent to the scale of new buyers around mid-August 2022.
At that time, it was also in the latter half of a bear market. BTC rebounded from a low of $19,000 to $24,000 (a 26% rebound); and this time, BTC rebounded from $62,000 to $79,000 (a 27% rebound); the situation is similar.
But what’s different is that to hold the same amount of BTC, the money spent now is 3-4 times more than before, yet it still cannot stop such well-funded new buyers from entering the market.
This also shows that Bitcoin, really, is no longer what it used to be...