Analyst Murphy: In the past two months, new buyers of BTC have increased their holdings by 400,000 coins, and momentum buyers have reappeared after 8 months

On-chain analyst Murphy stated that as of October 11, the current cycle's new Bitcoin buyers (First Buyers, FB) have accumulated 4.27 million coins, returning to levels seen in mid-August 2023. Compared to before the market started in August this year, new buyers have increased their holdings by approximately 400,000 BTC over the past two months, accounting for about 2% of the total circulation, with an average monthly increase of about 200,000 coins.

In contrast, from January to August 2023, new buyers accumulated approximately 340,000 BTC over about seven months. Murphy pointed out that the current BTC price is about 2.6 times that of the same period in 2023, indicating that the capital required for new buyers to increase their holdings this round is significantly higher than in the previous cycle, reflecting stronger new demand. Additionally, the market in September saw the emergence of new momentum buyers (Momentum Buyers, MB) for the first time since January this year, which are investors who continue to increase their positions above their own cost basis. Murphy believes that the appearance of such buyers helps to enhance market confidence and drive upward trends, whereas significant increases in momentum buyers are usually rare during bear market rebounds.