Ark Invest: Bitcoin has not yet formed its cycle bottom

Ark Investment, a cryptocurrency investment firm and spot Bitcoin ETF issuer, has analyzed in a new report that Bitcoin has not yet formed a bottom in the current cycle. The report highlights that holdings by long-term investors surged 69% during the first quarter, rising from 2.13 million BTC to 3.60 million BTC, the fastest rate of increase since 2020. This suggests that long-term holders absorbed supply during the price correction. However, Ark believes a true bottom has not been reached because the price has yet to break below the key range between the average investor's purchase price (realized price) of $54,000 and the long-term investor's average purchase price of $50,000.