Bitcoin's 30% decline in a week was for some observers reminiscent of the March 2020 crash, but there's been multiple occasions of similar drawdowns during previous bull markets.
The company reported better-than-expected second-quarter earnings on Thursday but saw a strong downtick in revenue from transaction fees, its main source of income.
Long-term holders are motivated to hold at bitcoin's going market rate, implying an attractive risk-reward for existing or potential investors, according to the "reserve risk" indicator.