The record rise of Bitcoin (BTC) may not yet be a speculative frenzy, but a strategic repositioning.
Ark Invest, led by renowned American investor Cathie Wood, has published a new report examining Bitcoin's recent rise. The institution noted that Bitcoin, which exceeded the $112,000 level with an 11.1% increase in May, still does not carry a 'manic' atmosphere despite this surge, emphasizing that there are significant economic factors behind the rise.
According to the report, Bitcoin not only outperformed traditional assets like gold but also gained strength during a period when the fundamental pillars of the U.S. consumer economy, such as housing and automotive, weakened. On the housing side, sellers outnumbered buyers, while vehicle sales sharply declined from 17 million to 15.6 million units in May. This scenario is prompting investors to turn towards more resilient and alternative assets.
Noting that $5.5 billion flowed into spot Bitcoin ETFs in May, Ark highlighted that this figure is much higher than the gold ETFs that experienced a sharp decline during the same period. This situation indicates that investors see Bitcoin not only as a speculative instrument but also as a 'calculated refuge' against economic tensions.
No bubble yet
The most striking part of the report is that Bitcoin's current rise is far from the 'bubble' levels seen in past cycles. Ark Invest stated that unrealized profits are still at low levels, indicating that collective profit-taking in the market has not yet begun and there may be more potential in prices.
Along with the shocks in the economy, the shift of capital to alternative assets suggests that Bitcoin is not only in a temporary rise but is undergoing a longer-term transformation process.
