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

May 1 Analyst Murphy reports that on-chain holdings of new Bitcoin buyers—short-term holders—continue to climb, up from a temporary low of 3.38 million BTC to 3.68 million BTC. While this figure is still over 1 million BTC below the peak of the last bull market, analysts note that investors’ risk appetite is gradually picking up as the macro environment improves. In historical cycles, current new buyer holdings are roughly on par with mid-August 2022 levels (late bear market phase). Back then, BTC prices rebounded from a low of ~$19,000 to $24,000, a roughly 26% gain. By contrast, in the current cycle, BTC has rebounded from $62,000 to $79,000—a similar ~27% gain. Notably, while the capital needed to accumulate the same amount of BTC is now 3-4x higher than previously, plenty of robust new buyers are still entering the market. This trend shows Bitcoin’s market depth, capital capacity, and participant base have fundamentally shifted, further cementing its status as a mainstream asset.