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Catherine Wood, the CIO, and CEO of ARK Investment Management have recently highlighted that the on-chain metrics of the crowned cryptocurrency Bitcoin (BTC) are signifying a relative bottom and upside volatility.
The ARK CEO expressed her views in a recent video on her firm’s Youtube channel. She highlighted that her fund’s metrics were signifying to short-term holders of Bitcoin capitulating.
She thinks this to be good news for the investors of Bitcoin (BTC) in an attempt to find a bottom from the recent market sell-off.
Furthermore, the CEO highlighted that the ones holding for long terms, and those holding Bitcoin for at least a year, have hit an all-time high of 65.7%.
Reportedly, according to her, they have got quite strong holders or HODLers there. That is also very good news, although they may witness some long-term holder capitulation to market the bottom.
Wood further asserted that she was keeping an eye on the bitcoin futures market and that with futures selling at a discount to the spot market currently. She cited that the discount had historically coincided with the periods of volatility, but was not able to guarantee if the movement would be up or down.
Although she noted her previous assessment of Bitcoin hitting a market bottom. Wood signified that her judgment call was for the flagship asset’s next bout of volatility to be an upward movement.
But she warned the investors to continue with caution, especially following the instance of the Terra meltdown.
And that they are on the guard following the Terra disaster. And in terms of raising or giving regulators even more incentives and reasons to come in and regulate a little bit more with more of a heavy hand than they would anticipate.
The crypto sphere is witnessing mixed reactions, with some investors and enthusiasts still optimistic about the industry while some have different thoughts. It is to see how the crypto market would further perform given the current market downtrends.
The flagship crypto asset is trading at $20,494 with a market cap of $390,781,817,544 and is currently down by around 8% in the last twenty-four hours.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
