The #BTC on-chain indicator in the figure is the percentage of the number of addresses where transactions occurred for the first time among all addresses where transactions occurred on the chain within a period of time as a percentage of the total number of transaction addresses.

Recently, this percentage has reached a new high in more than 3 years, which may mean that new people (new incremental funds) are actively entering the market.

Indicator link: https://app.intotheblock.com/coin/BTC/deep-dive?group=network&chart=addressStats

Data source: intotheblock