ARK Invest’s Cathie Wood Sees Huge Upside for Bitcoin Coming

Cathie Wood, founder, CEO and CIO of ARK Invest says that on-chain metrics are looking positive and a huge upswing for Bitcoin (BTC) is upcoming.

In the latest episode of the ‘In the Know’ series on the ARK Invest YouTube channel, Wood explained that on-chain data indicate a new bottom for Bitcoin is carved:

“It does appear, according to our metrics, that short-term holders have capitulated. That’s very good news in terms of putting in a bottom. Long-term holders are at an all-time high at 65.7%. That means they’ve been holding Bitcoin for at least a year. We’ve got some very strong holders or HODLers here. That’s also very good news, although we might see some long-term holder capitulation to mark the bottom.”

Furthermore, according to Wood, the Bitcoin futures market is showing signals of a new period of volatility, yet with an upside for Bitcoin this time:

“Bitcoin futures are selling at a discount to spot Bitcoin and during those times we expect volatility. Now, we don’t know if it’s up or down, but you can see from other metrics in the piece that our thinking right now or our judgment call is the next big bout of volatility in Bitcoin will be to the upside.”

Despite all looking good for the future, Wood’s firm remains cautious following the recent Terra disaster. She said:

“Nonetheless, we are on guard. You know, the Terra disaster, it was a fiasco for crypto, I think, in terms of raising or giving regulators even more incentive and reason to come in and regulate a little bit more with more of a heavy hand than we would anticipate.”

In the 45-minute talk, Wood also weighed in on inflation, interest rates, oil prices, mid-term elections, hiring freezes in crypto, and more.

Recently, Cathie Wood’s ARK Investment Management and Switzerland-based investment-products issuer 21Shares took another shot at getting their spot Bitcoin (BTC) exchange-traded fund (ETF) approved by the U.S. Securities and Exchange Commission.