In The Bitcoin Monthly (May 2025), ARK Invest reported that Bitcoin reached a new all-time high, driven by a 121% surge in spot Bitcoin ETF inflows and a significant decline in gold ETF flows. Despite the price increase, on-chain data showed no signs of irrational exuberance. In contrast, the U.S. housing, auto, and services sectors continued to weaken under rising costs and falling demand. Meanwhile, Bitcoin Core development activity fell to a 10-year low, underscoring Bitcoin’s evolving role from a technology-driven project to a fixed monetary asset.