"Last year, during the regional banking crisis in March, bitcoin rose by 40% as the KRE index collapsed. And again, we see how this indicator is "capricious", and bitcoin, after a slight correction, is growing again," Wood noted.
Here the CEO of Ark Invest refers to the events in early March 2023 in the United States. Then three banks closed down within a few days — Silicon Valley Bank, Silvergate and Signature Bank.
The head of the company explained the drawdown of bitcoin shortly after the launch of spot ETFs based on the asset by the behavior of some traders. According to her, there were a lot of "anticipated purchases" before this event, and after — sales from opportunists.
Wood pointed out that bitcoin is growing in relation to gold. Now that access to the asset has become easier for institutional clients, this trend will only intensify, she believes.