Cryptocurrency investment firm and BTC spot ETF issuer Ark Investment analyzed in a report that "BTC has not yet formed a bottom in this cycle." The report stated, "Long-term holder holdings increased by 69% from 2.13 million BTC to 3.60 million BTC during the first quarter. This is the fastest increase since 2020. This suggests that long-term holders absorbed selling pressure while BTC prices adjusted. However, since the realized price (average purchase price of all investors, $54,000) and the average purchase price of long-term investors ($50,000) have not yet been broken, it appears that the true bottom has not been reached."
