Analyst: BTC New Buyers Add 400,000 Coins in the Past Two Months, Momentum Buyers Reappear After 8 Months

Odaily reports: On-chain analyst Murphy posted that as of October 11, the holdings of Bitcoin First Buyers (FB) in this cycle have reached 4.27 million coins, recovering to levels seen in mid-August 2023. Compared to before the market rally began in August of this year, new buyers have accumulated approximately 400,000 BTC over the past two months, accounting for about 2% of the total circulating supply, with an average monthly increase of about 200,000 coins. By comparison, between January and August 2023, new buyers accumulated approximately 340,000 BTC over a period of about 7 months.

Murphy pointed out that the current BTC price is approximately 2.6 times that of the same period in 2023, meaning the capital required for new buyers to accumulate in this cycle is significantly larger than in the previous cycle, reflecting stronger new demand. Additionally, in September, the market saw the emergence of Momentum Buyers (MB) for the first time since January of this year — investors who continue to add to their positions above their own cost basis. Murphy believes that the emergence of such buyers helps boost market confidence and drive upward trends, while during bear market rebounds, momentum buyers typically do not see significant growth.