There has been a significant change in the Bitcoin market recently. According to BitGo’s data, the amount of bitcoin held by “high-conviction”, that is, long-term investors, increased to almost 4 million units. This data was also shared by the cryptocurrency exchange Bitfinex.
Remarkable change in market structure
According to Bitfinex, the amount of bitcoin held by long-term investors has increased by 300 percent since the end of 2025. This development points to the extension of the holding period of bitcoin and the shift of the cryptocurrency to larger, generally less transactional addresses.
CryptoAppsy According to data, the total value of bitcoins held by “faithful investors” at current prices is just over 320 billion dollars, and this figure corresponds to approximately 4 million bitcoins. These high-conviction investors include both individual and institutional investors.
“While it’s not clear exactly how BitGo’s ‘faithful investors’ metric is calculated, the actual signal is quite striking. Historically, bitcoin’s sharpest rallies have occurred during periods when circulating supply decreased and demand increased again,” said Mati Greenspan, founder and market analyst at Quantum Economics.
Bitfinex stated that this flow was the largest long-term buying wave in two quarters since the pandemic crash in 2020. Long-term investors represent addresses in the Bitcoin ecosystem that generally remain passive in the market and continue to accumulate without being affected by short-term fluctuations.
Liquidity decreased, supply shifted to “whales” and institutions
According to the data of Jameson Lopp, one of the core developers of Bitcoin, it is stated that there are 20.03 million bitcoins in total circulation, excluding approximately 5.6 million bitcoins that have been dormant for at least 10 years.
Bitfinex experts point out that the majority of bitcoins in the market no longer circulate on exchanges, but instead are concentrated in large investors and institutions that rarely trade. Aggressive accumulation of bitcoin, especially by public companies such as MicroStrategy, is accelerating this trend. MicroStrategy owns 818,869 bitcoins, and the purchase cost of these assets is approximately $62 billion. The company’s current unrealized profit is at the level of 4.6 billion dollars.
“Those who understand the real logic of Bitcoin generally want to save as much as possible and do not think about selling. Especially as BTC-collateralized loan opportunities increase, the amount these investors withdraw from the market grows,” said Ran Hammer from Orbs.
A new era in the psychology of the market
According to analysis by research company CEX.IO, approximately 70 percent of investors who have recently purchased keep their investments profitable. This ratio plays an important role in market psychology and has a reducing effect on sales pressure.
CEX.IO states that when most new investors’ positions move to “green”, pressure to sell during temporary pullbacks decreases, which supports price stability.
Connor Howe, co-founder and CEO of Enso, thinks that the theme of long-term scarcity in Bitcoin’s supply has now turned from a theoretical narrative into the real structure in the market.
“ETF inflows and institutional investor purchases are no longer temporary fluctuations but are becoming a permanent part of the market structure, so supply is increasingly concentrated in safe hands and scarcity may become much more visible as demand increases,” Connor Howe emphasized.
