ARK Invest says bitcoin’s fundamentals, adoption trends and macro environment are aligning to support continued strength into the final months of 2025, even as cycle dynamics signal the need for caution.

On-chain signals point to structural strength

In its latest "Bitcoin Quarterly "report for the three months ended Sept. 30, Cathie Wood’s ARK Invest argues that bitcoin’s core fundamentals remain firmly intact. The firm notes that network activity, profitability levels and supply distribution all continue to reflect strong underlying demand, with long-term holders showing few signs of capitulation.

ARK points to what it calls “bullish” on-chain positioning, with the majority of coins remaining in profit and held by investors with low spending propensity. This dynamic, it says, has histo

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