According to ARK Invest's latest quarterly report, Bitcoin supply held by conviction buyers surged 69% during Q1 2026, climbing from approximately 2.13 million BTC to 3.60 million BTC. This represents a net increase of 1.47 million BTC absorbed by long-term accumulators during a quarter in which Bitcoin's price fell 22%, closing at $68,215.
The data, sourced from Glassnode, highlights a stark contrast between institutional ETF holders and conviction buyers. While US spot Bitcoin ETF balances remained nearly flat quarter over quarter at around 1.29 million BTC, conviction buyers actively added to positions throughout the drawdown. The report noted that supply in profit compressed from roughly 78% to 50% during the quarter before recovering modestly.
ARK's framework defines "conviction buyers" as on-chain entities that accumulate Bitcoin over sustained periods rather than trading around short-term price moves. This classification separates sustained accumulation from speculative activity. The quarterly increase suggests a growing share of circulating supply is moving into wallets with historically low sell frequency, echoing broader corporate accumulation trends seen with companies like The Smarter Web Company.
When a larger portion of Bitcoin supply sits with holders who rarely sell, the effective liquid supply tightens. If demand returns or holds steady, that compression can amplify price moves. At press time, Bitcoin traded near $75,445, down roughly 2.4% over the prior 24 hours, with a market cap around $1.51 trillion. The crypto Fear & Greed Index sat at 29, reflecting cautious sentiment despite the strong Q1 accumulation data.
Separate data from Arkham's April 2026 breakdown of Bitcoin ownership shows that Satoshi Nakamoto remains the largest identified Bitcoin holder with about 1.096 million BTC, followed by Coinbase with 976,000 BTC, Binance with 631,000 BTC, and BlackRock with 799,000 BTC. The United States Government holds about 328,000 BTC from asset seizures. These figures underscore the concentration of Bitcoin among long-term holders and institutional entities.
