Bitcoin News Today: New Bitcoin Buyers Accumulate 140,000 BTC in July, Driving Price Surge

New entrants to the Bitcoin market have accumulated 140,000 BTC in July, according to data from Glassnode. This influx of fresh capital has supported the latest price breakout, with buyers aggressively purchasing during dips, particularly below $118,000. Despite the significant accumulation, retail interest in Bitcoin remains historically low, as indicated by Google Trends data. This suggests that while new buyers are entering the market, mainstream FOMO (fear of missing out) has not yet returned to the levels seen in previous bull markets.

The data from Glassnode reveals that the supply held by first-time Bitcoin buyers has increased by 2.86% over the past two weeks, rising from 4.77 million to 4.91 million BTC. This trend indicates that new capital is continuing to enter the Bitcoin market, supporting the recent price surge. The cost basis heatmap from Glassnode shows that buyers have been aggressively purchasing Bitcoin during price dips below $116,000, adding over $23 billion in value near the local top. This behavior signals strong conviction and potential positioning for further price increases.

Despite the aggressive buying and the price of Bitcoin hitting new all-time highs above $123,000, retail interest in Bitcoin remains comparatively muted. Google Trends data shows only a modest uptick in search activity for "Bitcoin" over the past two weeks, with mainstream FOMO notably absent compared to historical data. This suggests that while new buyers are entering the market, the broader retail audience has not yet been drawn in by the price action. Additionally, interest among retail investors who have paid attention to Bitcoin has shifted towards altcoins, with Ethereum leading the way in social media mentions and higher price targets.

The return of FOMO in the Bitcoin market is a positive sign for bulls, as it indicates that new buyers are entering the market and supporting price increases. However, the lack of mainstream retail interest suggests that the current price action may not be sustainable in the long term without broader participation. As the market continues to evolve, it will be important to monitor both the behavior of new buyers and the level of retail interest to gauge the potential for further price increases.