Bitcoin News Today: New Bitcoin Buyers Accumulate 140,000 BTC in July, Price Surges 5%

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 across the board aggressively purchasing dips, particularly below $118,000. Despite this activity, 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 indicates that new capital is continuing to enter the market, supporting the recent price surge. The cost basis heatmap from Glassnode shows that buyers stepped in aggressively during the week's price dip below $116,000, adding over $23 billion in value near the local top. This signals strong conviction and potential positioning for further upside.

Despite the aggressive buying and the price hitting new all-time highs above $123,000, retail interest in Bitcoin remains comparatively muted. Google Trends data shows a modest uptick in search activity for "Bitcoin" over the past two weeks, but when compared to historical data from the past five years, mainstream FOMO is distinctly lacking. This suggests that while there is some renewed interest, it has not yet reached the levels seen during previous market peaks.

According to Santiment, interest among retail investors who did pay attention has already shifted to altcoins, with Ethereum leading the way. There has been a significant increase in social media mentions of many altcoins and higher price targets, indicating a shift in retail FOMO from Bitcoin to other cryptocurrencies. This shift in interest could potentially impact the future price movements of both Bitcoin and altcoins, as retail investors often drive short-term price volatility.