On October 11, on-chain analyst Murphy said Bitcoin first buyers in this cycle had increased holdings to 4.27 million BTC, returning to mid-August 2023 levels. According to ChainCatcher, new buyers accumulated about 400,000 BTC over the past two months before the rally that began in August, equal to about 2% of total circulating supply and an average monthly increase of about 200,000 BTC.

Murphy compared that with the 340,000 BTC accumulated by new buyers from January to August 2023, a period of about seven months. He said Bitcoin's price is now about 2.6 times higher than in the same period last year, implying that the capital required for this cycle's new buyer accumulation is significantly larger and reflects stronger new demand.

Murphy also said momentum buyers reappeared in September for the first time since January, referring to investors who continue adding to positions above their cost basis. He said their return could help strengthen market confidence and support the uptrend, while such buyers typically do not grow sharply during bear-market rebounds.