[ARK Invest: Bitcoin Drops 14% in Q2, Reaches Cyclical Pressure Levels, but Long-Term Holders Accumulate Against the Trend] According to a report by Jinse Finance, ARK Invest released its Q2 2026 Bitcoin report, highlighting that Bitcoin fell approximately 14% in the second quarter. Despite the price pressure, long-term holders of Bitcoin continued to accumulate, with their holdings reaching an all-time high of approximately 14.85 million BTC, absorbing the tokens released during the market correction. ARK Invest noted that on-chain data is signaling seller exhaustion: the supply of BTC in a loss state has surpassed that in a profit state, and the speed of losses at one point exceeded the speed of profits. Historically, similar phenomena have often occurred near the bottom of market cycles. Additionally, institutional demand in the Bitcoin market is under pressure. Corporate Bitcoin reserves and the ETF ecosystem have shown signs of weakness, with ETF outflows indicating that a key marginal buyer of Bitcoin is weakening. However, the continued accumulation by long-term holders suggests that internal market redistribution of tokens is underway.