ARK Invest's latest "Bitcoin Quarterly" report highlights robust on-chain fundamentals, suggesting a potential Bitcoin rally in Q4. The report notes strong network activity, profitability, and supply distribution, with long-term holders showing no signs of selling. Mid-sized investors are increasing their holdings, while large holders are selling at a slower pace, indicating a healthier market trend. Institutional adoption is accelerating, with digital asset trusts and spot Bitcoin ETFs holding about 12.2% of Bitcoin's total supply, underscoring its integration with traditional markets. ARK Invest also points to macroeconomic factors, such as controlled inflation and a weak labor market, influencing Federal Reserve policy shifts that could drive economic growth. Despite potential volatility later in 2025, ARK Invest remains optimistic about Bitcoin's upside potential.