ARK Invest's monthly report emphasizes the importance of maintaining two crucial support levels for Bitcoin's continued bullish trend. Although the price of BTC declined in August and failed to surpass its 200-day moving average, ARK Invest notes that Bitcoin's on-chain health remains net positive. This is supported by metrics such as network security, network usage, and holder behavior. While Bitcoin's transaction volume has decreased, other bullish indicators, including long-term holder supply and locked supply, contribute to its overall positive on-chain health. Additionally, the report highlights the lower short-to-long liquidation dominance compared to previous quarters. The cost basis of US spot ETF participants is higher than BTC's price, suggesting potential losses for average ETF investors. Bitcoin ETFs have gained significant interest from institutional investors, while Ethereum ETFs have not seen comparable levels of interest. Currently, Bitcoin trades at $57,836 with a total market cap of $1.14 trillion.



Other News from Today