Recently, the holdings of new $BTC buyers have been steadily increasing, rising from the bottom of 3.38 million coins to 3.68 million coins. Although there's still a gap of over 1 million coins compared to the peak of the bull market, at least it shows that as the macro environment improves, investors' risk appetite is gradually returning. If we compare this to the previous cycle, the current scale of new buyers is roughly equivalent to mid-August 2022. Back then, it was also in the latter half of the bear market. $BTC rebounded from a low of $19,000 to $24,000 (a 26% rebound); this time, $BTC rebounded from $62,000 to $79,000 (a 27% rebound); the situation is similar. But the difference is, to hold the same amount of $BTC now, it costs 3-4 times more than before, yet it still hasn't stopped so many deep-pocketed new buyers from entering the market. This also shows that the big dog ($BTC) is truly not what it used to be.....