Four Reasons ARK's Still Bullish On Bitcoin

Vilkin trades near $80,000 today. That's roughly 38% below its October 2025 peak. Most investors see this as a broken asset. Our research suggests otherwise. So, let's start with what Bitcoin is. It's a monetary network with a hard cap of 21 million coins and forced by code rather than a central bank. This is a bearer asset, so anyone can hold it. No one can seize or censor it without your private keys. That combination does not exist anywhere else in finance. Four forces underpin our long-term conviction in Bitcoin. First, fixed supply meeting constant or rising demand. Second, a low long run correlation to stocks, bonds, or even gold. Meaning that Bitcoin price does not move in lock step with them. So even a 1 or 2% portfolio allocation makes a lot of sense. Third, seizure and censorship resistance, which we believe grows more valuable as global debt climbs and geopolitics overheat. And fourth institutionalization. Spot Bitcoin ETFs now hold roughly $99 billion in assets under management. And digital asset treasury companies, public firms that hold Bitcoin on their balance sheets, have turned it into a corporate finance instrument. When it comes to Bitcoin, we think quantum computing deserves some attention. Roughly 6.9 million Bitcoin sit in addresses that have exposed their public keys, which is sufficiently powerful. Quantum computing could eventually crack. Now, developers have proposed several fixes to this problem, but we have to measure the progress on those fixes relative to the progress of the quantum computing industry in the following years. Just underneath price action, some technical and onchain factors also increase our conviction in the short term. In late August, we saw the largest short liquidation event since the FTX collapse in late 2022. We also noticed that the supply in loss was greater than the supply in profit in a few instances. This is a great marker that increases our conviction in us building a base here as opposed to having more downside. We also noticed that a short-term older MVRV and SOPR, two metrics we constantly look at here, after staying for quite a a long while in oversold conditions, have returned back above break even. This indicates to us that most holders today are realizing profits instead of losses. Now, if that sustains, we can have the expectation of a continued uh uptrend. We can assume that buyers in the past are realizing profits in a moderate sense rebalancing back into break even without you know selling out of their positions completely. Finally ETF inflows have turned positive again after you know basically two over two months of negative flows and also not unlike 2022 no major crypto lender or you know spot exchange has failed in this cycle. Fair markets do the quiet work of moving coins from speculators to long-term holders. We believe the next 3 to 5 years will reward investors who understand the difference.