Long-term Bitcoin investors, often called 'conviction buyers', have amassed approximately 4 million BTC, a staggering 300% increase from the end of 2025, according to data from digital asset infrastructure firm BitGo, cited by Bitfinex. This marks the largest two-quarter accumulation streak since the COVID-19 market crash in 2020.
The surge represents a massive migration of Bitcoin's realized value into low-activity entities that rarely sell regardless of price volatility. Bitfinex analysts note that a growing share of supply is moving off exchanges, effectively reducing liquid supply and potentially creating a 'supply shock' dynamic. Strategy (MSTR), the largest publicly traded corporate holder, recently increased its holdings to 818,869 BTC, acquired for nearly $62 billion, currently sitting on $4.6 billion in unrealized gains.
Mati Greenspan of Quantum Economics commented: 'Historically, periods of tightening liquid supply combined with renewed demand have created the conditions for bitcoin’s most aggressive upside expansions.' CEX.IO research adds that nearly 70% of recent buyers' supply is now in profit, acting as a psychological buffer against sell-offs. Ran Hammer of Orbs noted that borrowing options against BTC holdings structurally remove more supply from the market.
This accumulation trend, occurring amid regulatory evolution and institutional adoption, signals deep confidence in Bitcoin’s long-term value. However, it also concentrates ownership, which carries market risks. With total circulating supply around 20.03 million BTC, the 4 million BTC held by conviction buyers highlights a fundamental shift in market psychology.
