This is data that will excite all the 'cycle traders' out there. As of July 2026, the holdings of conviction buyers (CB) have reached 4.02 million $BTC. This number has already far surpassed the previous cycle's bear market bottom peak of 3.46 million. This means that while a large number of old coins have awakened and cashed out during the cycle, even more coins have been scooped up by conviction buyers, especially during price drops. Despite $BTC being criticized by pessimistic investors for reasons like: low bull market multiples, unfavorable risk-reward ratios, and predictions of it dropping to $40k, $30k, and so on; None of this can shake the confidence and rhythm of conviction buyers stacking sats. Every time I see CB holdings hit a new high, I know we’re one step closer to 'spring.'