Asset management firm Ark Invest has reported growing support from strong holders and improved institutional sentiment towards bitcoin. Nearly 70% of the circulating supply of bitcoin has not been moved for at least a year, indicating a strengthening holder base and the confidence of long-term investors.

Bitcoin closed at $30,460 in June, reflecting an 11.9% increase for the month, and found strong technical support at its 200-week moving average.

The balance of bitcoin held on over-the-counter desks reached a one-year high in June, suggesting that institutions and large capital allocators are increasingly focused on bitcoin as an investment option. However, the report warns of economic challenges ahead.