Bitcoin's market structure is experiencing a significant shift as the supply held by "conviction buyers" has surged to nearly 4 million BTC, according to BitGo data cited by Bitfinex. This represents a 300% increase since the end of 2025, with the current value of this "conviction" capital exceeding $320 billion at bitcoin's price of approximately $80,000. This trend marks the largest two-quarter surge in high-conviction buying since the 2020 COVID-19 crash. Bitfinex analysts highlight that a growing share of bitcoin's realized value is moving away from exchanges into the hands of long-term holders, including institutional "whales" and corporate entities like Strategy (MSTR), which holds 818,869 BTC. This shift reduces the liquid supply on the market, potentially creating a "supply shock" dynamic. CEX.IO research indicates that nearly 70% of recent buyers are now in profit, which may stabilize BTC prices by reducing the urgency to sell during minor pullbacks. Experts suggest that the maturing scarcity narrative and structural accumulation by institutions could make future scarcity more apparent as demand increases.