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The origin of magnetism and superconductivity in iron-based superconductorsis still unclear. Here, by investigating the momentum-dependent particle-holeexcitations which quantify the tendency of itinerant electrons towards variousmagnetic states or superconducting phases, we unravel a novel origin to accountfor the variety of physical properties of iron-based compounds. We show thatcondensation of particle-hole excitations away from the Fermi surface inmomentum space is the underlying mechanism in deciding the magnetic andsuperconducting properties of iron-based materials. The applicability of thisscenario to the whole family of iron-based superconductors suggests thatinclusion of the orbital degrees of freedom, which may lead to competingtendencies towards different magnetically ordered states, is more crucial thantaking into account the strong correlations. Our findings further indicate thatin order to properly model these materials, the electronic states away from theFermi level have to be considered.

Magnetism and Superconductivity in Iron-based Superconductors Decided by Condensed Particle-hole Excitations away from the Fermi Level