- ARK Investment’s Cathie Wood has recently expressed her views about Bitcoin (BTC) and Bitcoin futures.
- The on-chain metrics counsel that Bitcoin is within the technique of carving a backside, cited Cathie Wood.
- The flagship crypto asset is currently trading at $31,414 and is up by around 5% in the last twenty-four hours.
Cathie Wood, the founder of ARK Investment has recently predicted an immense upswing for the crowned cryptocurrency Bitcoin (BTC) as the asset’s on-chain metrics highlight bullish trends.
According to Wood, the on-chain metrics counsel that Bitcoin is within the technique of carving a backside who highlighted this in the new episode of the hedge funds Within the Know YouTube collection.
She signified that it does seem, in keeping with their metrics, that short-term holders have capitulated. And that is excellent information by way of placing it in a backside. Long-term holders are at an all-time excessive at 65.7%. This means that they have been holding Bitcoin for at least one year.
And that they have bought some very sturdy holders or HODLers right here. That is additionally excellent information, though they would see some long-term holder capitulation to mark the underside.
Furthermore, Wood highlights that along with the on-chain metrics she’s further retaining an in-depth watch on the Bitcoin futures market, which according to her is hinting at an interval of elevated volatility for BTC.
Bitcoin (BTC) futures are promoted at a reduction to identify Bitcoin and on these occasions, they count on volatility. Currently, they don’t know if it’s up or down, although you will be able to see from different metrics within the piece that their pondering proper now or their judgment name is the following huge bout of volatility in Bitcoin would probably be an upside.
Cathie Wood also says that they are being precautionary after the Terra ecosystem’s meltdown.
At the time of writing, the flagship crypto asset is trading at $31,414 with a market cap of $$598,754,574,516 and is up by around 5% in the last twenty-four hours.
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Source: https://www.thecoinrepublic.com/2022/06/07/cathie-wood-big-upside-volatility-for-bitcoin-on-chain-data-shows-green-for-btc/