ARK report: Bitcoin's rise is not a speculative boom, funds are avoiding the real estate and car markets and turning to BTC

Odaily News The latest report by ARK Invest, led by Cathie Wood, pointed out that Bitcoin rose 11.1% in May, hitting a new high of $112,000. At the same time, the US real estate and auto markets showed obvious signs of fatigue. Housing supply exceeded demand, and auto sales plummeted from more than 17 million in April to 15.6 million in May. ARK said that the rise of Bitcoin was not accompanied by speculative frenzy, and ETF funds inflow reached $5.5 billion, three times that of gold ETFs in the same period, indicating that investors may regard Bitcoin as a safe-haven asset rather than a hype tool, and make rational asset reallocation under economic pressure.