BlockBeats News, July 17th, ARK Invest released the 2026 Q2 Bitcoin Report, stating that Bitcoin fell by about 14% in the second quarter, dropping below the short-term holder realized price, the 200-day moving average, and the on-chain average, with the technical outlook still bearish. However, the loss supply percentage has increased to about 54%, and the supply held by long-term holders has reached a historical high of about 14.85 million BTC. ARK views this as a potential seller exhaustion signal.

The report also points out that Bitcoin has not yet fallen back to the on-chain cost range of about $49,000 to $53,000, indicating that the downside risk has not been fully released. The net outflow of the U.S. spot Bitcoin ETF in Q2 was about 71,000 BTC, and the Strategy's STRC preferred stock dropped to a low of $74.57.