Bitcoin experienced a 14% decline in the second quarter of 2026, according to ARK Invest's latest report. Despite the price pressure, long-term holders have continued to accumulate Bitcoin, with their holdings reaching an all-time high of approximately 14.85 million BTC. This accumulation absorbed the supply released during the market downturn. ARK Invest highlighted that on-chain data indicates signs of seller exhaustion, as the supply of BTC in loss exceeds that in profit, with the rate of loss surpassing the rate of profit. Historically, such patterns have often appeared near market cycle bottoms. Meanwhile, institutional demand for Bitcoin is under pressure, with corporate reserves and ETF ecosystems showing signs of weakness. ETF outflows suggest a weakening of significant marginal buying, yet the ongoing accumulation by long-term holders indicates a redistribution of holdings within the market.