ARK Invest: Bitcoin fell 14% in Q2 to a cycle pressure level, but long-term holders accumulated despite the downturn

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PANews July 18 reported that ARK Invest released its 2026 Q2 Bitcoin report, which noted that Bitcoin fell by about 14% in the second quarter. However, despite price pressure, Bitcoin long-term holders (Long-term Holders) continued to accumulate, with their holdings rising to a historical high of about 14.85 million BTC, absorbing the coins released during the market pullback.

ARK Invest said that on-chain data is sending seller fatigue signals: the amount of BTC supply in a losing state exceeds the amount in a profitable state, and at one point the loss rate briefly exceeded the profit rate. Moreover, similar phenomena in history have often been concentrated near the bottom of market cycles. In addition, the institutional demand side in the Bitcoin market is facing pressure. Both corporate Bitcoin reserves and the ETF ecosystem show signs of weakening. ETF outflows indicate that Bitcoin’s key marginal buy-side demand is weakening, but ongoing accumulation by long-term holders shows that a reallocation of coins within the market is underway.

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