The current Bitcoin new buyer holdings have risen to 3.72M coins, approaching the level seen in the latter half of the 2022 bear market.

This indicator had already rebounded from its low point to 3.68 million coins on May 1, showing that the trend of new funds entering the market to absorb selling pressure continues.
Analyst Murphy continues to track this data, believing that when new buyer holdings surpass 4 million coins, the market structure will become significantly healthier, and the risk of a sharp pullback will decrease.
This aligns with the structural shift observed in mid-2025, where "chips are migrating from short-term speculators to long-term holders."
The most notable detail is that the current holding size of 3.72 million coins precisely corresponds to the night before Bitcoin's rebound from $19,000 to $24,000 in September 2022 (an increase of about 26%).
The subtle overlap in historical positions suggests that the market may be in an early stage of a recovery driven by new funds, with a similar structural pattern.
On May 15, analyst Murphy stated that the first-time Bitcoin buyers (First Buyers, FB) are providing fresh blood to the market while absorbing excess distribution.
As of May 13 data, the Bitcoin holdings of first-time buyer addresses have returned to 3.72M coins, an increase of 40k BTC compared to May 1.
The continuous increase in new buyers reflects a gradual return of investors' risk appetite.
Compared to the previous cycle, the current 3.72 million is comparable to September 21, 2022.
Analysts believe that once the new buyer holdings exceed 4 million coins, the overall market structure will become healthier, and it can be basically confirmed that there will no longer be a significant decline or a break below the previous low.