The current Bitcoin market presents a unique phenomenon: irrespective of how prices fluctuate, there are always investors willing to buy in. This phenomenon is primarily driven by two forces.

First are the new investors entering the market, who bring fresh blood and capital to the market. Secondly, there are the long-term players who have been participating in the market, and they choose to increase their holdings when prices drop to lower their average costs. These two groups not only support the market but also largely determine the lower limit of Bitcoin prices.

Recent market data shows that despite a cautious and even pessimistic market sentiment since August 13, new investors have still purchased approximately 106,000 Bitcoins. Meanwhile, long-term holders have increased their holdings by about 131,000 Bitcoins. This continued buying behavior has effectively supported the price of Bitcoin.

It is worth noting that there are still a large number of long-term holders in the Bitcoin network who possess considerable unrealized gains. When prices hit new highs or experience a pullback, some investors may choose to cash out. However, it is the continuous buying by new investors and steadfast holders that allows the Bitcoin price to maintain its current level rather than plummeting sharply.

This phenomenon reflects the market's confidence in the future development of Bitcoin. As institutional investors' participation continues to increase, and Bitcoin's position as a digital asset gradually solidifies, we may see more investors joining this market. However, investors should also remain vigilant, closely monitor market trends, and manage risks effectively.