As Bitcoin (BTC) market capitalization surpassed 2 trillion dollars, there was a significant increase in the number of new investors entering the market, but experienced investors are acting cautiously.

The Bitcoin price surpassing $100,000 last Thursday and pushing its market capitalization above $2 trillion for the first time since January created significant volatility in the market. According to Glassnode's on-chain data, this situation particularly attracted a lot of interest from first-time cryptocurrency investors. The increase in the number of these new investors entering the market highlighted the emotional and sudden purchases driven by the fear of missing out, defined as "FOMO", with the belief that prices would rise.

According to the data provided by Glassnode, the 30-day Relative Strength Index of users who purchased Bitcoin for the first time remained steady at its maximum value of 100 throughout the past week. This indicates that first-time investors in Bitcoin have created a strong and sustainable demand.



Momentum investors are cautious.
On the other hand, despite the strong rise in Bitcoin prices, momentum investors are not showing the same interest. Glassnode stated that the 30-day RSI value for momentum investors is only 11. Momentum investors are known as those who invest based on the expectation that a certain trend will continue in the market, and the low interest from this group indicates that a possible stagnation or correction process in prices may begin.

Glassnode also noted that profit-taking has started to increase and warned that if new entries slow down, the price of Bitcoin could enter a consolidation phase in the near term. Thus, the main factor that will determine price movements in the coming days will be whether the interest of new investors continues.
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