Bitcoin On-Chain Health Remains ‘Net Positive’: ARK Invest Report

Bitcoin’s on-chain health remains net positive, according to a report by ARK Invest. While the cryptocurrency faces some temporary headwinds, it still shows bullish momentum across various on-chain metrics such as network security, network usage, and holder behavior. Although Bitcoin’s transaction volume has slightly decreased, its long-term holder supply and locked supply have increased. ARK Invest also highlights the low level of short-to-long liquidation dominance, indicating a favorable market condition. On the other hand, the report mentions that the estimated cost basis of US spot ETF participants is higher than Bitcoin’s price, suggesting that these investors may be at a loss currently. Despite this, Bitcoin ETFs continue to attract significant interest from institutional investors. As of now, Bitcoin’s price is around $57,836 with a total market cap of $1.14 trillion.