Bitcoin Market Shift: New Buyers Accumulate Record Holdings

On-chain analytics provider Glassnode reported a significant influx of new capital into the Bitcoin market in July, indicating growing institutional and potentially early-stage investment interest.

Glassnode Data Reveals Large New Accumulation

Data analysis confirms fresh capital accumulation: approximately 140,000 BTC has been added by new buyers so far this month. The data also highlights “aggressive dip buying” by across-the-board market participants.

According to Glassnode, the supply held by first-time Bitcoin buyers increased by approximately 2.86% over the past two weeks, rising from 4.77 million BTC to 4.91 million BTC.

“Fresh capital continues to enter the market, supporting the latest price breakout.” – Glassnode

Significant Purchases Around Support Levels

Analysis indicates heightened buying activity as Bitcoin approached support levels below $116,000. Approximately 196,600 BTC was accumulated between the $116,000 and $118,000 price points, adding over $23 billion based on entry prices.

The observed accumulation suggests substantial conviction among buyers, with the potential for further upside.

Bitcoin first buyer supply chart based on Glassnode data — *Bitcoin first buyer supply chart. Source: Glassnode/X*

Retail Hype Lags Behind Market Moves

Despite price movements highlighting retail “FOMO” reaching headlines at previous highs, broader mainstream interest remains subdued.

Google Trends data reveals search interest in “Bitcoin” remains historically low for the period leading up to this coverage. While showing a slight increase over the last two weeks, the trend aligns more closely with five-year lows rather than periods of intense mass retail interest.

Worldwide Google search data for 'Bitcoin' via Google Trends — *Worldwide Google search data for “Bitcoin”. Source: Google Trends*

Shift Towards Alternative Assets?

Research firm Santiment noted a potential shift in focus among certain retail participants. While FOMO initially hit Bitcoin at its recent all-time high, a subsequent focus has moved towards alternative cryptocurrencies, particularly Ethereum.