Long-term Bitcoin holders now control nearly 4 million BTC, with the value of those holdings standing at slightly above $320 billion at current prices. The shift points to a larger share of circulating coins moving into wallets that trade infrequently and hold for longer periods.
Biggest two-quarter accumulation wave since the 2020 crash
Bitfinex said the amount of Bitcoin held by long-term investors has risen by 300% since the end of 2025. In its view, that change reflects a structural move in the market, with more coins being absorbed by larger investors and wallets known for low transaction activity. The exchange also described this as the strongest two-quarter accumulation phase by long-term holders since the pandemic-driven market crash in 2020.
Separate data from CryptoAppsy shows that high-conviction holders now control close to 4 million BTC. That group includes both retail and institutional participants. Quantum Economics founder and market analyst Mati Greenspan said the exact definition used by BitGo for “high-conviction investors” may not be fully clear, but he called the broader signal striking. He added that Bitcoin’s sharpest rallies have historically appeared during periods when circulating supply declined and demand recovered.
More than 5.6 million BTC have not moved in at least a decade
Data compiled by core Bitcoin developer Jameson Lopp shows that out of a circulating supply of 20.03 million BTC, around 5.6 million coins have not moved for at least 10 years. Those coins are generally excluded from liquid supply estimates, which implies the amount of Bitcoin readily available for trading is smaller than the headline supply figure suggests.
Bitfinex analysts said most BTC is no longer sitting on exchanges and is instead being consolidated by institutions and large holders that transact rarely. Public companies are adding to that trend. The report cited MicroStrategy as a major example, with holdings of 818,869 BTC, acquired at a cost of about $62 billion and carrying roughly $4.6 billion in unrealized gains.
Ran Hammer of Orbs said investors who understand Bitcoin’s core logic tend to accumulate as much as possible and seldom sell. He also pointed to rising access to BTC-backed loans, saying that more coins are being pulled out of the market as a result.
Nearly 70% of recent buyers are in profit
Research firm CEX.IO said nearly 70% of recent Bitcoin buyers are currently holding profitable positions. That condition is shaping market psychology and reducing pressure from sellers. According to its analysts, when most newer investors see their positions in the green, they are less likely to sell into small pullbacks, which can help stabilize prices.
Connor Howe, co-founder and CEO of Enso, said Bitcoin’s long-term supply shortage thesis has moved from theory to an observable market reality. He said ETF inflows and institutional buying are no longer temporary swings but are becoming part of the market structure itself. As supply keeps concentrating in the hands of more committed holders, any rise in demand could make the shortage more visible.