**[ARK Invest: Bitcoin's On-Chain Strength Lays the Foundation for Q4 Rally]** According to CoinDesk, ARK Invest, led by Cathie Wood, highlighted in its latest "Bitcoin Quarterly" report that Bitcoin's core fundamentals remain solid. Network activity, profitability, and supply distribution indicate strong underlying demand, with no signs of selling from long-term holders. On-chain positioning is "bullish," with most tokens in profit and held by investors with low spending tendencies, providing favorable support for Q4 price movements. Medium-sized investors continue accumulating, while large holders have slowed their selling, creating a healthier upward structure. Institutional adoption of Bitcoin is accelerating, with digital asset trusts and spot Bitcoin ETFs collectively holding approximately 12.2% of the total supply. This underscores its deepening integration with traditional markets, offering stable demand and increasing its potential as a strategic asset allocation. On the macroeconomic front, controlled inflation and a weakening labor market are prompting shifts in Federal Reserve policy. Combined with government initiatives, this could drive "productivity-driven economic growth," reinforcing bullish signals. However, ARK Invest cautions that greater volatility may emerge in late 2025, though fundamentals continue to create favorable conditions for Bitcoin's potential upward trajectory.