**[Ark Invest: BTC Holdings by Conviction Buyers Surge 69% in Q1, Reaching Highest Level Since 2020]** Golden Finance reported on April 17 that Ark Invest stated in its 2026 Q1 Bitcoin Quarterly Report that the supply of BTC held by "Conviction Buyers" surged from 2.13 million to 3.6 million in Q1 2026, an increase of 69%, marking the highest level since 2020. During a 22% drop in BTC price, this aggressive accumulation behavior reflects historical patterns—long-term holders tend to absorb supply during market corrections. Particularly during February's low point, the pace of accumulation accelerated significantly. This indicates that "strong-handed" buyers view price declines as opportunities rather than reasons to reduce holdings. Additionally, the proportion of profitable BTC supply dropped from approximately 78% in mid-January to around 50% in early February, before slightly recovering. Despite experiencing sharp declines, the supply of BTC in loss never exceeded the supply of BTC in profit. Historically, when the proportion of BTC in loss surpasses that in profit, it often signals that the market has entered a "deep value zone" (undervalued range).