The last time we shared data on the holdings of new buyers was two months ago. As a crucial component of demand, as long as the curve continues to rise while supply dwindles (sellers exhaust), the market’s balance will eventually tip. At that time, we predicted that conditions would improve once new buyer holdings reached 4 million BTC or more—approximately 20% of the total circulating supply. As of August 30, new buyer holdings have reached 3.964 million BTC—exactly matching my prediction two months ago. This scale is nearly identical to January 2023; in other words, even during the previous cycle, when new demand reached this level, the bear market was nearly over. Dawn is breaking—the darkness will fade. If you are still trapped in excessive pessimism and fear, it may be that the bear market left an indelible shadow in your mind, eroding your resolve entirely. But you’ve forgotten: nearly every opportunity in life is hidden within your fears. When the sea stretches boundless, the sky becomes its shore; when you reach the mountain’s peak, you become its summit.