Bitcoin's conviction buyers now hold nearly 4M BTC — a 300% surge that's quietly draining liquid supply!

The amount of bitcoin held by so-called conviction buyers has surged to nearly 4 million BTC, a roughly 300% increase since late 2025, according to BitGo data cited by Bitfinex. That stash is valued at just over $320 billion at current prices near $80,000 — and it represents the largest two-quarter accumulation surge in high-conviction buying since the COVID-19 crash of 2020.

Strategy (MSTR) is the most visible driver of this trend, now sitting on 818,869 BTC acquired for nearly $62 billion, with $4.6 billion in unrealized gains. But the shift is broader: Bitfinex analysts note that a growing share of bitcoin's realized value is migrating into entities that rarely transact regardless of price volatility, effectively shrinking the liquid float on exchanges.

Supporting the floor narrative, CEX.IO research finds that nearly 70% of recent buyers are now in profit — a psychological buffer…