Cathie Wood's ARK Innovation ETF as an Economic Indicator

According to Odaily, macro analyst @TomasOnMarkets has highlighted that Cathie Wood's ARK Innovation ETF (ARKK) has historically served as a leading indicator for the ISM Purchasing Managers' Index. This ETF is seen as a direct bet on the expansion of economic cycles. Notably, over the past few years, ARKK's performance has closely mirrored that of Bitcoin, particularly in the last year. However, this correlation has recently diverged, with ARKK experiencing a strong rally while Bitcoin has declined by 10% over the past three weeks. Based on a rough correlation estimate using percentage change charts, Bitcoin's current price should be above $110,000, reflecting ARKK's recent surge.