ARK report: Bitcoin's rise is not a speculative boom, funds avoid the housing market and the car market to turn to BTC

The latest report from ARK Invest, led by Cathie Wood, pointed out that Bitcoin rose 11.1% in May to a new high of $112,000, while the US real estate and auto markets showed significant weakness. There was a glut of housing supply, and car sales plummeted from more than 17 million in April to 15.60 million in May. ARK said that Bitcoin's rise was not accompanied by a speculative frenzy. ETF inflows reached $5.50 billion, which was three times that of gold ETFs in the same period, indicating that investors will regard Bitcoin as a safe-haven asset rather than a hype tool, and engage in rational asset reallocation under economic pressure.