The biggest difference between this round of market activity and previous rounds is that no matter how high Bitcoin rises, there will always be someone willing to take over. There are actually two main forces at play here.

The first type is new capital entering the market, representing a brand new user group that views Bitcoin as part of their long-term investment strategy and is establishing their positions for the first time.

The second type is belief players; these seasoned investors choose to continue buying during market downturns, actively lowering their holding costs.

It is exactly these two types of capital that have supported the bottom of Bitcoin's pullback.

Since the market began to weaken on August 13, market sentiment has gradually turned cautious or even pessimistic. However, during this adjustment period (8/13 - 8/22), we can still see that:

New buyers have entered with a total of approximately 106,000 BTC (Figure 1);

Old players have taken the opportunity to increase their holdings by 131,000 BTC (Figure 2).

Don't forget, there are still a lot of long-term holdings sitting on substantial unrealized gains. When prices surge or experience large fluctuations, this portion of capital can easily cash out and exit. If there were no continuous support from new funds and belief buyers, Bitcoin might have already struggled to hold its ground and would not be maintaining its current price level.