According to Wu, ARK Invest stated in 'The Bitcoin Monthly (May 2025)' that due to a 121% increase in net inflows for spot Bitcoin ETFs and a decrease in outflows for gold-related ETFs, the price of Bitcoin rose by 11.1% in May, reaching a historic high of $112,000. Despite the price increase, there are no signs of irrational exuberance; in contrast, the U.S. housing, automotive, and services sectors continue to contract due to price pressures and declining demand. At the same time, the activity level of Bitcoin core software development has reached a ten-year low, reflecting its shift from technological updates to a market positioning as a fixed asset.