Significant shifts are occurring in the Bitcoin market, with the latest data indicating that the amount of BTC held by long-term, high-conviction investors has climbed to nearly 4 million. This figure, shared by both BitGo and cryptocurrency exchange Bitfinex, signals a notable change in how the digital asset is being distributed.
Structural shifts in the market
According to Bitfinex, the volume of Bitcoin held by long-term investors has surged by 300 percent since the end of 2025. This rise suggests that coins are increasingly moving into the hands of larger investors and wallets that tend to make infrequent transactions, lengthening the typical holding period for BTC.
Data from CryptoAppsy shows that, at current prices, the total value of BTC controlled by these committed investors now slightly exceeds $320 billion, corresponding to close to 4 million coins. Both retail and institutional players are present in this cohort of so-called high-conviction holders.
Quantum Economics founder and market analyst Mati Greenspan noted that, “While it’s not entirely clear how BitGo defines ‘high-conviction investors,’ the overall signal is striking. Historically, the sharpest Bitcoin rallies have taken place during periods when circulating supply declined and demand rebounded.”
Bitfinex highlights that since the pandemic-induced market crash in 2020, this represents the biggest two-quarter accumulation wave by long-term investors. Typically, these holders maintain a passive market stance, steadily accumulating and withstanding short-term price swings.
Liquidity drops as whales and institutions accumulate
Core Bitcoin developer Jameson Lopp’s data shows that out of a total circulating supply of 20.03 million BTC, roughly 5.6 million coins have not moved for at least a decade and are excluded from liquid estimates.
Bitfinex analysts stress that most BTC is no longer circulating on exchanges, but is being consolidated by institutional players and large investors who trade infrequently. The trend is accelerated by public companies such as MicroStrategy aggressively building up BTC reserves. MicroStrategy’s holdings have reached 818,869 BTC, acquired at a cost of around $62 billion, with unrealized gains currently standing at about $4.6 billion.
Ran Hammer from Orbs observed, “Those who truly grasp Bitcoin’s core logic tend to accumulate as much as possible and rarely sell. With increasing access to BTC-backed loans, the amount of coins withdrawn from the market is only growing.”
A new era in market psychology
According to research firm CEX.IO, nearly 70 percent of recent Bitcoin buyers are currently holding their investments at a profit. This factor is seen as playing a key role in shaping market psychology and in reducing sell-side pressure.
CEX.IO’s analysts add that as most new investors see their positions “turn green,” there is less pressure to sell during minor pullbacks, which ultimately contributes to price stability.
Enso co-founder and CEO Connor Howe believes that Bitcoin’s long-term supply shortage narrative has evolved from theory into market reality, with observable impacts on the ecosystem.
Connor Howe emphasized, “ETF inflows and institutional buying are no longer just temporary fluctuations—they are becoming a permanent part of the market structure. As a result, supply is piling up with increasingly committed holders, and as demand rises, the shortage may become even more pronounced.”
