Don’t underestimate it—weak demand is still demand! If the net holdings of long-term holders are increasing, indicating that more and more $BTC is staying out of short-term speculation, then the holdings of 'new buyers' represent the real, tangible new demand in the market. As long as these two data points continue to rise, we can believe that the dawn of a new day is getting closer and closer. The logic is simple: one represents the supply side, the other the demand side. When the former decreases and the latter increases, the market’s balance will naturally start to tilt. As of June 17, new buyers hold 3.837 million $BTC. While this still looks relatively weak and far from signaling the start of a bull market, it’s roughly on par with the levels seen during the FTX collapse in November 2022. This shows that, whether in this cycle or the last bear market, even under the impact of various negative events, there are always funds—either smart or foolish—that choose greed during times of widespread fear, buying when no one else is paying attention. The difference is that the FTX bomb already went off in November 2022, but whether MSTR will continue selling coins or even face its own collapse in 2026 remains a Damocles sword hanging over all investors. From the chart, we can see that in January 2023, new buyer holdings first broke through 4 million coins, and the market gradually started to improve afterward. Right now, we’re still 170,000 coins short of that 4 million mark. If new buyer holdings can maintain their current growth rate, this 170,000 gap is expected to be filled within the next 1-2 months. At that point, we’ll see if the situation becomes clearer.