Recently, the Bitcoin market has shown an interesting phenomenon: regardless of how the price rises, there are always investors willing to catch a falling knife. This unique characteristic sets the current market apart from the past, with the main driving forces coming from two groups.

First of all, there are new investors entering the market. They view Bitcoin as an important component of their long-term investment portfolio and begin to establish their initial positions. This influx of fresh blood injects vitality into the market and reflects that Bitcoin is gaining wider recognition.

Secondly, there are steadfast believers. These experienced investors continue to buy during market corrections, actively lowering their average position cost. Their behavior not only demonstrates confidence in the future of Bitcoin but also stabilizes the market to some extent.

The existence of these two types of investors effectively supports the price bottom of Bitcoin during the adjustment period. Data shows that from August 13 to 22, approximately 106,000 Bitcoins were purchased by new buyers, while old players increased their holdings by 131,000. This continued buying behavior is particularly notable against the backdrop of cautious or even pessimistic market sentiment.

It is noteworthy that there are still a large number of long-term holders in the market sitting on substantial unrealized gains. When prices rise sharply or fluctuate violently, this portion of capital is likely to choose to cash out and exit. If there is no continuous inflow of new capital and firm support from conviction players, Bitcoin may struggle to maintain its current price levels.

The phenomenon of both new and old investors supporting the market not only reflects the resilience of the Bitcoin market but also indicates that investors' recognition of its long-term value is continuously strengthening. However, market participants still need to be vigilant about potential risks and maintain a rational investment attitude.