Bitcoin's $1.5M Bull Run: Cathie Wood Unfazed by Market Slump

Cathie Wood, CEO of ARK Invest, has reaffirmed her bullish stance on Bitcoin, predicting that the cryptocurrency could reach $1.5 million by 2030. This optimism comes despite recent outflows from Bitcoin exchange-traded funds (ETFs) and global trade tensions between the United States and China.

Wood's prediction is based on the increasing institutional adoption of Bitcoin, which she believes will drive its price higher. Despite the recent market slump, where Bitcoin has been trading below the key $100,000 level since February 4, Wood remains confident in her bullish outlook.

In a video published on February 11, Wood stated, "Many people know us for our [Bitcoin] bull case, $1.5 million. We actually think the odds have gone up that our bull case will be the right number because of what is becoming the institutionalization of this new asset class."

Meanwhile, retail investors have been liquidating their Bitcoin holdings, with the number of addresses with a non-zero balance falling below 52.5 million, a five-month low. However, most of the selling pressure has come from US spot Bitcoin ETFs, which have recorded over $251 million of cumulative net outflows on February 12, marking the third consecutive day of net negative outflows, amounting to $494 million.

Some analysts suggest that the crypto market is setting up for a reversal, based on growing accumulation among large Bitcoin holders known as whales. However, the market remains volatile, and investors should exercise caution when making investment decisions.