Analyst: BTC New Buyer HODL continues to rise, adding 300k coins from the bottom, signaling a gradual return of market risk appetite

BlockBeats News, May 1st. According to analyst Murphy, the on-chain holdings of new Bitcoin buyers (short-term holders) continue to rise, increasing from a temporary low of 3.38 million BTC to 3.68 million BTC. Although this scale is still over 1 million BTC away from the peak of the last bull market, analysts believe that as the macro environment improves, investors' risk appetite is gradually recovering.

Compared to historical cycles, the current size of new buyer holdings is roughly equivalent to mid-August 2022 (latter half of the bear market). At that time, the BTC price rebounded from a low of around $19,000 to $24,000, a gain of about 26%. In contrast, in this cycle, BTC rebounded from $62,000 to $79,000, a similar rebound of about 27%.

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