Analyst: New BTC buyers' holdings continue to rise, increasing by 300k coins from the bottom, as market risk appetite gradually returns.

Crypto Mars News reports that, according to analyst Murphy, 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 macroeconomic conditions improve, 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’s price rebounded from a low of about $19,000 to $24,000, a rise of approximately 26%; whereas in this cycle, BTC rebounded from $62,000 to $79,000, an increase of about 27%, with a similar rebound magnitude.
It is noteworthy that, although the amount of capital required to accumulate the same quantity of BTC now is 3 to 4 times higher than in the past, the market still sees a large influx of well-funded new buyers.
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.