As of October 11, the holdings of new BTC buyers this cycle (First Buyers, FB) have reached 4.27 million coins. In terms of absolute numbers, this is already equivalent to the levels of mid-August 2023. Compared to the period before the market rally in August this year, there has been an increase of 400k coins (2% of total circulation). This means that over the past two months, an average of 200k BTC has been purchased by new investors each month. In contrast, from January to August 2023, during the entire “bear-to-bull transition,” FB holdings increased by 340k coins (1.7% of total circulation), but it took 7 months to achieve that. And now, with BTC prices at 2.6 times the levels of early 2023, the capital required for FB to accumulate these coins far exceeds what was needed back then. New buyers represent new demand, and compared to the last cycle, this metric is performing even stronger. What surprised (and delighted) me, though, is that during the market movement in September, we saw the rare reappearance of “Momentum Buyers (MB).” This is the first time MB has shown up since January this year. MB is defined as entities whose most recent balance change involved buying above their own cost basis, effectively raising their average cost. In other words, these are people who recently added to their positions at prices higher than their previous cost. MB acts as a “booster” for trends. The more people buying at higher prices, the more people believe the bear market is over, and the faster market confidence recovers. For this reason, during a bear market rally, you typically won’t see a significant increase in MB activity. BTC never lets down those who believe in it. Right now, it’s steadily moving forward at its own unique pace. #BTC #Crypto #Bitcoin #MarketTrends #Investing