ARK Invest sees signs of exhausted BTC selling pressure despite Q2 14% drop

ARK Invest said in a quarterly report that although Bitcoin fell about 14% in the second quarter, on-chain indicators showed signs that selling pressure was being exhausted. The firm said the amount of BTC held at a loss had surpassed the amount held at a profit, adding this pattern has mainly appeared near the bottom of past market cycles. ARK Invest said coins sold during the price correction were absorbed by long-term holders, with long-term holder, or LTH, BTC holdings rising to a record of about 14.85 million BTC. At the same time, the firm assessed corporate Bitcoin treasury strategies and the ETF market as weak. It said outflows from U.S. spot BTC ETFs have continued, slowing institutional buying, while continued accumulation by long-term holders suggests a redistribution of supply is underway in the market.