Svmuu News: ARK Invest released its Q2 2026 report, *The Bitcoin Quarterly*, noting that Bitcoin fell by approximately 14% in the second quarter,closing at approximately $58,544 and falling below three major technical moving averages—a technical pattern historically associated with bearish market conditions.The report shows that despite price pressure, Bitcoin’s long-term holders continue to increase their holdings, with their total holdings rising to an all-time high of approximately 14.85 million BTC, absorbing the supply released during the market pullback.
ARK Invest noted that on-chain data is signaling seller fatigue: the supply of BTC held at a loss exceeds the supply held at a profit, and the rate of losses temporarily outpaced the rate of gains—a phenomenon that historically tends to occur near the bottom of market cycles.
The report also noted that institutional demand in the Bitcoin market is under pressure. Both corporate Bitcoin treasuries and the ETF ecosystem are showing signs of weakness:
The price of STRC preferred shares briefly fell to approximately $74.57, below its $100 par value;
The U.S. spot Bitcoin ETF has seen outflows for seven consecutive weeks, with cumulative outflows totaling approximately 70,000 BTC.
ARK Invest believes that ETF outflows indicate a weakening of significant marginal buying Bitcoin, but the continued accumulation by long-term holders suggests that a redistribution of holdings is underway within the market.
The firm noted that a clear divergence has emerged between current BTC price performance and the behavior of long-term holders, and historical data suggests that such divergences often serve as important indicators of turning points in market cycles.