@holidays

First Buyers Supply (FBS) refers to the amount of BTC purchased and held by new investors. Compared with simple “new address count,” FBS offers a much clearer read on investor risk appetite and shifts in market demand. In this cycle, the market’s participant mix looks very different from previous ones, with ETF buyers, BTC treasury holders, options market makers, and more entering the ecosystem. As a result, investor behavior has changed significantly as well. Once these activities are reflected on-chain, the data that represents new buyers becomes closely tied to BTC price movements.First Buyers Supply (FBS) refers to the amount of BTC purchased and held by new investors. Compared with simple “new address count,” FBS offers a much clearer read on investor risk appetite and shifts in market demand. nts new buyers becomes closely tied to BTC price movements.

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