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Analyst: New BTC buyers' holdings continue to rise, increasing by 300k coins from the bottom, as market risk appetite gradually returns.
BlockBeats News, May 1st, according to analyst Murphy’s post, the on-chain holdings of new Bitcoin buyers (short-term holders) continue to rise, increasing from a cyclical low of 3.38 million coins to 3.68 million coins.
Although this scale is still more than 1 million coins below the peak of the previous 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 level in mid-August 2022 (the latter half of the bear market).
At that time, BTC price rebounded from about $19,000 to $24,000, a gain of approximately 26%; whereas in this round, BTC rebounded from $62,000 to $79,000, an increase of about 27%, with a similar rebound magnitude.
It is worth noting that although the amount of capital required to accumulate the same amount of BTC now is 3 to 4 times higher than in the past, there are still many well-funded new buyers entering the market.
This phenomenon indicates that Bitcoin’s market depth, capital capacity, and participant structure have undergone fundamental changes, further consolidating its position as a mainstream asset.