Crypto ETFs Are Here to Stay — Even as Wallet Adoption Surges
Cathie Wood, CEO of ARK Invest, believes crypto ETFs will retain their appeal despite the growing adoption of digital wallets. Speaking at the Solana Accelerate event in New York on May 23, Wood emphasized that exchange-traded funds offer simplicity that many consumers still value.
“Wallets seem so complicated, so much friction for consumers — they just wanna push a button,” she said during a discussion with ETF analyst Eric Balchunas.
Wood described ETFs as a critical bridge for new users entering the crypto space, asserting they won’t “lose a lot of their luster” even as more people adopt wallets over the next decade. Wallets, she noted, serve as “insurance policies against something going wrong in the traditional world.”
Bitcoin ETF Inflows Top $44.49 Billion Since Launch
As of May 23, spot Bitcoin ETFs in the U.S. have recorded a total of $44.49 billion in inflows, according to Farside data. In the week ending May 23 alone, ETFs drew in approximately $2.75 billion, aligning with Bitcoin’s all-time high of $111,970 on May 22.
Currently, Bitbo data estimates over 200 million active Bitcoin wallets worldwide, further reflecting the surge in crypto engagement.
Spot Ether ETFs Trail Behind Due to SEC Restrictions
Wood also commented on the relatively lukewarm reception to spot Ether ETFs, which have garnered only $2.77 billion in inflows since their launch in July 2024. She attributes the slow momentum to the U.S. Securities and Exchange Commission’s decision to block staking in ETF products.
On May 21, the SEC delayed its decision on Bitwise’s request to add staking to its Ether ETF, adding to investor uncertainty.
Despite this, Wood maintains that Ether remains a key entry point for new investors interested in smart contract technology.
“They might start in the smart contract world with Ether, but once they study the technology, and follow the developers, and see the uptake by consumers, I think they will get there,” she said.
Solana’s Image Shaken by Trump Memecoin Launch
When asked about Solana’s place in institutional portfolios, Wood acknowledged concerns sparked by the launch of the Official Trump (TRUMP) memecoin in January 2025.
“Institutions — and you’re talking 60-year-olds — I think they might be a little turned off by what happened with the Trump memecoin,” she said.
The token, launched on January 17, plunged by 50% within days as President Trump issued no crypto-related executive orders, raising red flags for conservative investors.
Still, Wood is not dismissing Solana altogether. She’s currently finalizing her price target for SOL and plans to publish it after further research.
ARK Projects Bitcoin at $2.4 Million by 2030
In April, ARK Invest raised its bull case for Bitcoin to $2.4 million by the end of 2030, driven largely by institutional demand and Bitcoin’s positioning as “digital gold.”
Wood’s thesis: Bitcoin’s simplicity and security resonate deeply with traditional investors, while Ethereum and Solana appeal to those exploring deeper tech use cases.
Cathie Wood, CEO of ARK Invest, believes crypto ETFs will retain their appeal despite the growing adoption of digital wallets. Speaking at the Solana Accelerate event in New York on May 23, Wood emphasized that exchange-traded funds offer simplicity that many consumers still value.
“Wallets seem so complicated, so much friction for consumers — they just wanna push a button,” she said during a discussion with ETF analyst Eric Balchunas.
Wood described ETFs as a critical bridge for new users entering the crypto space, asserting they won’t “lose a lot of their luster” even as more people adopt wallets over the next decade. Wallets, she noted, serve as “insurance policies against something going wrong in the traditional world.”
Bitcoin ETF Inflows Top $44.49 Billion Since Launch
As of May 23, spot Bitcoin ETFs in the U.S. have recorded a total of $44.49 billion in inflows, according to Farside data. In the week ending May 23 alone, ETFs drew in approximately $2.75 billion, aligning with Bitcoin’s all-time high of $111,970 on May 22.
Currently, Bitbo data estimates over 200 million active Bitcoin wallets worldwide, further reflecting the surge in crypto engagement.
Spot Ether ETFs Trail Behind Due to SEC Restrictions
Wood also commented on the relatively lukewarm reception to spot Ether ETFs, which have garnered only $2.77 billion in inflows since their launch in July 2024. She attributes the slow momentum to the U.S. Securities and Exchange Commission’s decision to block staking in ETF products.
On May 21, the SEC delayed its decision on Bitwise’s request to add staking to its Ether ETF, adding to investor uncertainty.
Despite this, Wood maintains that Ether remains a key entry point for new investors interested in smart contract technology.
“They might start in the smart contract world with Ether, but once they study the technology, and follow the developers, and see the uptake by consumers, I think they will get there,” she said.
Solana’s Image Shaken by Trump Memecoin Launch
When asked about Solana’s place in institutional portfolios, Wood acknowledged concerns sparked by the launch of the Official Trump (TRUMP) memecoin in January 2025.
“Institutions — and you’re talking 60-year-olds — I think they might be a little turned off by what happened with the Trump memecoin,” she said.
The token, launched on January 17, plunged by 50% within days as President Trump issued no crypto-related executive orders, raising red flags for conservative investors.
Still, Wood is not dismissing Solana altogether. She’s currently finalizing her price target for SOL and plans to publish it after further research.
ARK Projects Bitcoin at $2.4 Million by 2030
In April, ARK Invest raised its bull case for Bitcoin to $2.4 million by the end of 2030, driven largely by institutional demand and Bitcoin’s positioning as “digital gold.”
Share ThisWood’s thesis: Bitcoin’s simplicity and security resonate deeply with traditional investors, while Ethereum and Solana appeal to those exploring deeper tech use cases.
