Cathie Wood, the CEO of ARK Invest, remains steadfast in her optimistic outlook for Bitcoin, predicting that its value could soar to $1.5 million by the year 2030.
This confidence persists even as Bitcoin exchange-traded funds (ETFs) have experienced an alarming outflow of nearly $500 million within just three days.
Wood attributes her bullish stance to a surge in institutional interest in the cryptocurrency, which she views as a promising sign amidst the current backdrop of trade tensions between the U.S. and China that have somewhat dampened investor enthusiasm.
Institutional Interest Strengthens Confidence
Wood points out that the growing adoption of Bitcoin by institutional investors enhances the likelihood of her ambitious prediction coming to fruition.
She interprets this trend as a positive development, suggesting that as more institutional players enter the market, Bitcoin’s fundamental strength continues to grow.
Current Market Trends
At present, Bitcoin is trading below the $100,000 mark, and there has been a noticeable drop in the number of active wallets, which recently reached a five-month low.
This decline in interest, particularly among retail investors, has contributed to the outflows from Bitcoin ETFs.
On February 12, significant withdrawals from U.S. spot Bitcoin ETFs were recorded, reflecting a broader trend over the days prior.
Potential Market Recovery
Yet, some market analysts maintain that the increased accumulation of Bitcoin by larger investors could indicate a potential shift in market dynamics, hinting at a possible recovery on the horizon.
Source: Cointelegraph
