According to Wood, the ongoing correction aligns with the asset’s four-year cycle and appears far less severe than many investors fear.

“We Are Very Close to the Bottom”

Speaking during a televised market discussion, Cathie Wood argued that Bitcoin’s recent price behavior does not signal the start of a prolonged bear market. Instead, she described the pullback as one of the shallowest corrections seen throughout Bitcoin’s relatively short history.

Wood pushed back against concerns of a deep and extended downturn, emphasizing that the majority of the downside phase has already played out. In her assessment, current price action suggests Bitcoin is approaching its cyclical low rather than entering a new period of sustained weakness.

This perspective challenges the narrative that the market is only at the beginning of a broader bearish phase.

Understanding the Four-Year Cycle Argument

At the core of Wood’s outlook is Bitcoin’s well-documented four-year market cycle. She noted that, compared to previous cycles, the current correction stands out for both its limited duration and modest depth.

One key factor behind this, according to Wood, is the nature of the previous bull market. Unlike earlier cycles that featured explosive upside moves, the most recent rally failed to reach historical extremes. As a result, the corrective phase that followed has been comparatively restrained.

From this standpoint, Wood believes investors should recalibrate expectations toward a more constructive outlook rather than anticipating further aggressive downside.

Short-Term Caution: A Potential Support Retest

Despite her broader optimism, Cathie Wood acknowledged that short-term volatility remains a possibility. She cautioned that Bitcoin could revisit the $80,000 region before attempting a move toward new all-time highs.

Importantly, Wood framed such a move not as a breakdown of the bullish structure, but as a normal and healthy market process. A retest of key support levels, in her view, would be consistent with historical behavior during transitional phases between corrections and renewed uptrends.

A Historically Mild Correction?

One of the most notable aspects of Wood’s commentary is her belief that this downturn may ultimately be remembered as Bitcoin’s shortest and shallowest decline within its four-year cycle framework.

She suggested that once this corrective phase fully concludes, Bitcoin could resume its longer-term upward trajectory. For investors with a long-term horizon, this interpretation reinforces the idea that the recent pullback may represent consolidation rather than structural weakness.

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“This is exciting. It reminds me of the early days of Solana. Solana proved its value and now it’s there with the big players,” Wood said on the Master Investor podcast.

ARK Invest and Crypto Positions

Wood noted that ARK Invest holds three primary crypto assets, including Bitcoin, in its public funds. The firm’s exposure to Solana reflects Wood’s commitment to Solana’s ecosystem, which is also supported by Middle Eastern investors. Additionally, economist Art Laffer provides advisory connections related to the project.

Although Wood did not confirm any position in Hyperliquid, she described the protocol as “a project to watch.” This statement comes as Aster recently launched a token, surpassing Hyperliquid in trading volume and intensifying competition among perpetual DEXs.

Bitcoin Remains the Core Crypto

Despite the growing number of tokens, Cathie Wood believes the future of crypto will center around a few dominant networks.

“We don’t expect there to be too many cryptocurrencies. When it comes to pure crypto, Bitcoin owns the space,” she added.

ARK Invest also holds derivatives like Uniswap and Solana-related protocols, but its main focus remains narrow. Wood stated, “If we’re talking about the big players, these are the three right now.”

Rising Interest in DEXs

According to Bitget Wallet marketing director Jamie Elkaleh, decentralized exchanges (DEXs) are increasingly being adopted by retail and semi-professional traders, driven by airdrops, low fees, and fast user experience.

However, institutions still rely on centralized exchanges (CEXs) for fiat access, compliance, and brokerage support. Elkaleh noted that order book DEXs like Hyperliquid and dYdX v4 now offer speeds and liquidity comparable to CEXs, reducing performance gaps.

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Armstrong’s Surprising Outlook

Armstrong, who usually avoids giving price targets, shared his view on X, writing: “We’ll see $1M per Bitcoin by 2030.” He made the statement while referencing his appearance on the Cheeky Pint podcast.

https://twitter.com/brian_armstrong/status/1958259831577731159

This bold forecast aligns with the expectations of several other high-profile figures in the crypto industry.

Other Big Names with Similar Bitcoin Predictions

Former Twitter CEO Jack Dorsey has also suggested that Bitcoin could surpass $1 million by 2030. ARK Invest’s Cathie Wood has gone even further, projecting a possible $1.5 million valuation in her firm’s bull case scenario.

Meanwhile, MicroStrategy’s Michael Saylor argues that this milestone could be reached if Wall Street allocates just 10% of its reserves to Bitcoin. Author Robert Kiyosaki, known for Rich Dad Poor Dad, similarly believes inflation and mounting debt could push Bitcoin into seven-figure territory.

Regulatory Progress and the US Bitcoin Reserve

Armstrong emphasized that regulatory progress in the US could mark a critical milestone for the crypto industry. He pointed to stablecoin legislation and a market structure bill pending in the Senate, suggesting that meaningful changes might arrive before the end of the year.

He also highlighted that the US government now holds a strategic Bitcoin reserve, something he once considered unimaginable.

According to Armstrong, many of the risks that previously clouded Bitcoin’s future are fading. The likelihood of governments banning the asset has decreased, while the Bitcoin protocol has proven resilient for over a decade.

Rising Interest from Institutional Investors

The Coinbase CEO noted that many large funds already allocate around 1% of their portfolios to BTC. With clearer regulations, he believes this share could grow significantly.

Armstrong added that the rise of spot ETF products has already sparked a wave of adoption, attracting strong institutional demand. He expects this momentum to accelerate in the coming years.

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CoinGlass data also shows broader ETF sell-offs coinciding with Bitcoin’s recent price slump. ARKB shares reacted negatively, dropping 2.79% in a single day. This decline aligns with the cryptocurrency’s downward trend. However, Ark Invest did not only sell assets; it also executed strategic purchases. 

ARKK Makes Large Buys in Bullish and Robinhood 

ARKK (ARK Innovation ETF) acquired 356,346 shares of Bullish at an estimated $21.2 million. Additionally, it bought 150,908 shares of Robinhood Markets, totaling around $16.2 million. 

These purchases follow last week’s acquisition of 2.53 million Bullish shares, valued at roughly $172 million after the exchange debuted on the NYSE. Robinhood stock also saw previous buying sessions totaling $23 million. 

ARKK shares, however, fell 3.99% in a single day. The decline mirrors broader market uncertainty ahead of the Federal Reserve’s speech at the Jackson Hole symposium, which could influence market trends for weeks. 

These moves show Ark Invest actively rebalancing its portfolio amid market volatility. Both crypto and tech positions highlight the firm’s strategic approach to navigating corrections and opportunity in the market. 

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Increased Investment in Coinbase Shares

ARK Invest has renewed its position in Coinbase after a period of steady selling. The firm acquired 94,678 shares of Coinbase through three of its funds: ARK Innovation ETF (ARKK), ARK Next Generation Internet ETF (ARKW), and ARK Fintech Innovation ETF (ARKF). The purchase came as Coinbase stock plummeted 16.7% on Friday, closing at $314.69, marking its worst single-day performance in recent months. Coinbase hit an intraday low of $310.55, significantly lower than its 52-week high of $444.64.

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BitMine Shares Added to ARK’s Portfolio

ARK Invest also ramped up its holdings in BitMine Immersion Technologies (BMNR), purchasing 540,712 shares across its ETFs. This investment, worth an estimated $17 million, comes after BitMine’s stock fell 8.55% to close at $31.68. The increased stake in BitMine aligns with the firm’s strategy, as BitMine has aggressively pivoted into Ether, now holding the largest Ether treasury with 625,000 ETH.

Wall Street Falls Amid Weak Economic Data

U.S. stocks took a sharp downturn on Friday, marking a rough start to August as investors reacted to disappointing economic data and newly adjusted tariff policies under President Trump. The Dow dropped 542 points, its steepest decline since mid-June, while the S&P 500 and Nasdaq posted their worst days in months. The latest jobs report showed only 73,000 jobs were added in July, well below expectations. Revisions to previous months’ data revealed even weaker growth, signaling a deteriorating labor market.

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Strategic Dump: ARK Offloads Circle Shares Worth $146 Million

Cathie Wood’s ARK Invest has significantly reduced its position in Circle (CRCL) after its impressive market debut. On Friday, ARK sold 609,175 shares, generating $146.2 million, just as CRCL stock jumped 20.4% to close at $240.3, up 248% from its $69 IPO price on the New York Stock Exchange.

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In total, ARK sold 1.25 million shares throughout the week, collecting around $243 million. These included $52 million in sales on Monday and $45 million on Tuesday, signaling a deliberate reduction of exposure.

ARK Still One of Circle’s Largest Shareholders

Despite the sales, ARK Invest retains a significant stake, having only sold 29% of its initial 4.49 million shareholding from the IPO. As of June 20, the firm remains the eighth-largest holder of Circle shares, according to Bloomberg Terminal.

The largest holders are currently IDG-Accel China Capital Fund II, General Catalyst, and James Breyer. Meanwhile, CRCL has become the top holding within ARK’s ARKW fund, representing a 7.8% allocation.

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CRCL Shares Surge On First Trading Day

Listed under the CRCL ticker on the New York Stock Exchange, Circle’s stock opened at $31 and soared to close at $82 — marking a 167% gain by end of day. At one point during trading, it was up 235%, a clear signal of strong appetite for stablecoin-related investments.

To meet the overwhelming interest, Circle increased its IPO offering to a total of $1.05 billion, with 34 million shares hitting the market.

BlackRock, ARK Drive Institutional Demand

Much of the demand was driven by the involvement of institutional giants. On May 28, BlackRock revealed interest in taking a 10% stake in the IPO. At the same time, Cathie Wood’s ARK Investment was reportedly looking to buy $150 million worth of shares.

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Circle is best known as the issuer of USDC, the dollar-backed stablecoin. Though the IPO was in preparation for months, the company had previously postponed plans due to macroeconomic concerns such as trade wars.

Backlash From Arca Sparks Controversy

Despite the fanfare, not everyone was satisfied. In a now-deleted post on X, Arca CIO Jeff Dorman criticized Circle for only allocating $135,000 worth of shares to Arca — despite the firm being an early supporter.

“I cannot believe our years of support led to this throwaway allocation,” Dorman wrote. “We left Wall Street to support crypto-native projects, and now you’ve come full Circle.”

His comments highlighted deeper tensions between crypto-native firms and traditional finance mindsets returning to dominate the space.

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Cathie Wood, CEO of ARK Invest, argues that cryptocurrency exchange traded funds (ETFs) will continue to be an indispensable investment tool for mainstream investors thanks to their easy accessibility.

On May 23 at Solana Accelerate in New York, Wood emphasized that Bitcoin and Ethereum ETFs are critical for investors, despite the technical complexity of personal wallets.

Why ETFs Are Still Preferred

According to Wood, the main factor behind the success of crypto ETFs is convenience.

• Wood: “Consumers want to invest at the touch of a button. Crypto custody wallets seem complicated to people and this creates friction.
• Spot Bitcoin ETFs have raised around $50 billion since launching in January 2024.
• ETH ETFs, on the other hand, have reached a considerable volume despite the SEC’s disallowance of staking rewards. He said that he attributed this slower-than-expected collection in ETH to the fact that the SEC does not allow staking rewards.

Wood says he does not discount the importance of personal wallets. Self-storage serves as an insurance policy against disruptions in the traditional system, he said.

According to Bitlo data, there are 200 million active Bitcoin wallets worldwide. The number of personal wallets is expected to grow steadily in the coming years.

Solana and the Memecoin Effect

Cathie Wood, CEO of ARK Invest, emphasized that Solana’s role in the smart contract ecosystem is particularly important and underlined this feature. She stated that although Ethereum is at a starting point for investors, she thinks that having alternatives like Solana will also be adopted.

On the other hand, the rise and big fall on Donald Trump’s Solana-based memecoin “TRUMP TOKEN” may have scared some institutions and investors. As we know, Trump Token made a big noise on the first day it came out, surpassing even Bitcoin in volume and showing a huge rise. But after the past days, the big drop in Trump Token has caused investors to get scared.

ETFs and Wallets Will Coexist

The gist of Wood’s message is that ETFs will remain the mainstream entry point for investors seeking convenience. On the other hand, personal wallets will continue to play an important role for those seeking financial autonomy. As the cryptocurrency market grows, he says, both of these paths will increase.

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*DOES NOT CONTAIN INVESTMENT ADVICE*

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“For many people, wallets feel complex. There’s still friction. They just want to push a button,” Wood said. According to her, ETFs offer convenience and remain a solid choice for those new to crypto or hesitant to manage private keys.

ETFs as an On-Ramp to Wallets

While ETFs provide a user-friendly entry point, Wood emphasized that they could serve as a bridge to wallet-based investing. She described wallets as a form of “insurance policy” in a world where traditional finance can falter.

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Data from Bitbo estimates that there are currently around 200 million active Bitcoin wallets worldwide. Meanwhile, spot Bitcoin (BTC) ETFs saw $2.75 billion in inflows during the week ending May 23, coinciding with Bitcoin reaching an all-time high of $111,970.

Ethereum, Solana, and Regulatory Hurdles

Wood also touched on Ethereum (ETH) ETFs, which have underperformed due to the SEC’s ban on staking features. The commission recently delayed its decision on Bitwise’s request to add staking to its Ether ETF. Despite this, Wood sees Ethereum as a starting point for investors exploring smart contracts before branching out to projects like Solana (SOL).

Still, she acknowledged that some investors, especially older institutions, may have been discouraged by the launch of the Trump memecoin on the Solana network. The coin dropped around 50% shortly after its debut, causing skepticism.

Looking ahead, Wood revealed that her team is finalizing a Solana price target, while ARK has already increased its Bitcoin bull case projection to $2.4 million by 2030, citing growing institutional demand and Bitcoin’s role as “digital gold.”

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What to Expect for Large Purchases?

According to Scaramucci, unless a clear regulatory framework for digital assets is established in the US, it is unlikely that SWFs will make large-scale Bitcoin purchases. He emphasized that progress should be made, especially on stablecoin regulations, providing guidance to traditional banks on the storage of digital assets, and tokenization of stocks and bonds. Scaramucci stated that if such regulations are implemented, SWFs could make half a billion dollars’ worth of Bitcoin purchases, and this would contribute to Bitcoin being accepted as part of the infrastructure of the financial system.

This article may also interest you: Metaplanet Outperforms MicroStrategy in Bitcoin Investment

How Cathie Wood Comments on Bitcoin

ARK Invest CEO Cathie Wood predicts that Bitcoin could exceed $1 million by 2030. Wood bases this prediction on factors such as increasing institutional adoption, Bitcoin’s limited supply, and regulatory clarity. She also states that Bitcoin’s acceptance as a new asset class will lead to it becoming more widely available in investment portfolios. Wood says that the approval of Bitcoin ETFs will also accelerate this process and strengthen Bitcoin’s role in the financial system.

Scaramucci and Wood’s views suggest that regulatory uncertainty is the biggest obstacle to institutional adoption of Bitcoin. Clear and comprehensive regulations for digital assets in the US could increase interest in Bitcoin from SWFs and other large institutional investors. This could lead to significant increases in Bitcoin’s price and general acceptance.

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