Bitcoin welcomes new capital influx: first-time buyers increase holdings by 140,000 BTC, miner indicators suggest there is still room for a bull run.

Glassnode on-chain data shows that the holdings of Bitcoin first-time buyers have surged by 2.86% (140,000 BTC) within two weeks, confirming that this price rise is driven by real new funds. The currently monitored Puell Multiple value is 1.2, far below historical peaks, which may indicate that this round of the crypto market cycle has not yet reached its peak.

🔍 New capital entry signal: First-time buyers' Holdings surge

The latest report from blockchain analytics company Glassnode indicates that in its Bitcoin holder classification model based on investment behavior, the "First Buyers" open interest has significantly increased. This group specifically refers to new investors who are purchasing cryptocurrency for the first time, and their holdings change is seen as a key indicator of new capital entering the market.

The data shows:

• Open interest increased from 4.77 million BTC to 4.91 million BTC within two weeks.
• Net increase of 140,000 BTC, rise of 2.86%
• This phenomenon is strongly correlated with Bitcoin breaking its all-time high (ATH), confirming that the rise is supported by real demand.

Note: The same model classification also includes "Momentum Buyers" and "Conviction Buyers" who buy on the rise and on dips, respectively.

⛏️ Miner yield indicator Puell multiple conveys key signals

CryptoQuant analysts emphasized in their report that despite the rise in coin prices, the Bitcoin Puell Multiple is still in a moderate range. This indicator is calculated in the following way: Daily miner block reward value (USD) / 365-day moving average Used to measure the deviation of miners' current earnings from the annual average level.

Key findings:

• The current value is 1.2, which means that miner earnings are just slightly above the annual average level.
• Historical data shows that when this indicator breaks through extreme highs, it often signals a top in the crypto market.
• Special Nature of the Cycle: In the last two bull markets, the peak values of indicators have continued to decrease, and this round may again exhibit the characteristic of "mild topping".

💡 On-chain behavior analysis reveals market stages

Glassnode's investor classification model further indicates:

• Momentum Buyers: The buying force that dominates the market during a frenzy.
• Conviction Buyers: Long-term holders who continue to increase their holdings during a downturn.
• First-time buyers surge usually occurs in the mid-stage of a bull market, marking the entry of incremental funds.

Conclusion

The divergence between new capital inflow and miner revenue indicators provides dual verification for determining the Bitcoin bull market cycle. Current on-chain data indicates that the market is still in a healthy development stage and has not yet shown typical top signals. Investors should focus on the first-time buyer holdings changes and the Puell multiple breaking the threshold behavior to seize the turning points in the crypto market.