ARK Invest Reports Record Bitcoin Long-Term Holdings as New Investor Activity Slows

ARK Invest’s June report reveals that long-term bitcoin holders (LTHs) have reached their highest levels in 15 years, even as fresh investor activity cools across the market.

Bitcoin’s price managed a modest 2.55% gain in June, but it couldn’t break past its May high of $112,000. The cryptocurrency remains range-bound, signaling a phase of consolidation, according to ARK Invest’s latest Bitcoin Monthly analysis.

One of the report’s standout insights is the significant rise in long-term holders, who now control 74% of all bitcoin in circulation—a milestone not seen in a decade and a half. This trend underscores deep conviction among experienced investors, despite a noticeable slowdown in new buyer participation.

At the same time, the report flags a drop in on-chain capital flows during Q2, measured by the Market-Value-to-Realized-Value (MVRV) momentum metric. This decline suggests waning market enthusiasm and possible shifts in sentiment.

Looking at the broader macroeconomic picture, ARK noted that the U.S. dollar—tracked by the Fed’s Nominal Broad Trade Weighted Dollar Index—continues to strengthen. This runs counter to the widespread narrative of dollar debasement that has fueled bitcoin’s long-term bullish appeal.

Meanwhile, inflation has shown continued signs of easing, casting doubt on bitcoin’s traditional role as an inflation hedge. On the upside, lower inflation could pave the way for reduced federal interest rates, which typically benefit risk-on assets like tech stocks and cryptocurrencies.

Housing, however, appears to be an emerging weak spot. ARK’s report highlights a growing disconnect between high homeowner price expectations and a marked drop in home sales—a gap that may signal stress in consumer confidence and potential headwinds for broader economic growth.