Data: The holdings of new Bitcoin buyers have returned to 3.719 million coins, equivalent to September 2022

Analyst Murphy stated that new addresses buying Bitcoin for the first time (First Buyers, FB) are providing fresh blood to the market while absorbing excess distribution. As of May 13, the Bitcoin holdings of first-time buyer addresses have returned to 3.719 million, an increase of 40,000 BTC compared to May 1. The continuous accumulation by new buyers reflects a gradual recovery in investor risk appetite. In comparison to the last cycle, the current 3.72 million is comparable to September 21, 2022. Once the holdings of new buyers exceed 4 million, the overall market structure will become healthier, making it unlikely to experience significant declines or fall below previous lows.