ARK Invest CEO Cathie Wood said she believes bitcoin is nearing the end of its current down cycle, arguing that the asset’s latest four-year drawdown will likely be the shallowest in its history.

“We’re pretty well through the down cycle here,” Wood said in a CNBC interview, pushing back against fears that bitcoin still faces a prolonged correction. She noted that the most recent bull market was muted by historical standards, which she believes has limited the severity of the current pullback.

“I know there’s a lot of fear about the four-year cycle,” Wood said. “We didn’t have much of an upcycle by bitcoin standards, so we think we’re pretty well through the…

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