ARK Invest said in its Bitcoin report for the second quarter of 2026 that BTC fell about 14% during the period and dropped below the short-term holder realized price, the 200-day moving average, and the on-chain mean, leaving the technical setup bearish. The report also pointed to signs that selling pressure may be weakening. Loss supply rose to roughly 54%, while long-term holder supply climbed to a record high of about 14.85 million BTC, which ARK described as a potential seller exhaustion signal. Even so, the firm said downside risk has not been fully cleared because Bitcoin has not yet fallen back to the on-chain cost range of about $49,000 to $53,000. The report added that U.S. spot Bitcoin ETFs recorded net outflows of about 71,000 BTC in Q2, while Strategy’s STRC preferred shares fell as low as $74.57.
ARK Invest said in its Bitcoin report for the second quarter of 2026 that Bitcoin fell about 14% in Q2, slipping below the short-term holder realized price, the 200-day moving average, and the on-chain mean. The firm said the technical picture remained bearish.
The report also highlighted data that ARK viewed as a possible sign of seller exhaustion. Loss supply rose to about 54%, and long-term holder supply climbed to a record high of around 14.85 million BTC.
At the same time, ARK said Bitcoin has not yet fallen back to its on-chain cost range of roughly $49,000 to $53,000, which means downside risk has not been fully released. The report added that U.S. spot Bitcoin ETFs posted net outflows of about 71,000 BTC in the second quarter, and Strategy’s STRC preferred shares fell to a low of $74.57.
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