A spot Bitcoin (CRYPTO: BTC) ETF could be approved as soon as this week, and many believe a selloff could follow. Ark Invest’s Cathie Wood is taking the other side of that bet.

What To Know: Bitcoin has rallied approximately 70% over the last three months, largely driven by spot ETF approval optimism. The Securities and Exchange Commission is now expected to approve an ETF this week.

“The SEC, actually after denying, denying a number of times, started asking questions, very good questions,” Wood said Monday on CNBC’s “Fast Money Halftime Report.”

The change in behavior from the SEC suggests that approval is nearing. Given the significant gains in anticipation of the approval, many believe the actual approval could be a sell-the-news event, Wood explained.

“I think so many people are expecting now a sell on the news that we might not have a sell on the news because once you hear that enough, that positioning has already taken place,” Wood said.

See Also: SEC’s ‘Say No To FOMO’ Warning Reissued Ahead Of Potential Bitcoin ETF Greenlight

Where Bitcoin Is Headed: Wood told CNBC that she actually expects Bitcoin to continue on its current upward trajectory following approval as more people gain access and inflows surge. She anticipates “quite substantial” flows from both retail investors and institutions.

“We think that the SEC approval, should we and others get it, is a green light for institutions,” Wood said.

“And it won’t take much of an allocation by institutions into Bitcoin to drive what is becoming a scarce asset much higher.”

Bitcoin is digital gold, Wood said. Gold is a $12 trillion asset and Bitcoin has a current market cap of about $900 billion, she said. We are likely to see some substitution between the two assets following spot ETF approval, she added.

Wood also highlighted the supply-demand dynamics of Bitcoin. As demand for the world’s largest cryptocurrency continues to climb, supply remains capped, she said.

There are currently around 19 million Bitcoin in circulation and approximately 15 million of them are being held by long-term investors, Wood said. There can only ever be 21 million Bitcoin, she emphasized.

If Bitcoin were to trade at a similar market cap to gold, Bitcoin would be valued at more than $600,000 per coin, according to data from Benzinga Pro.

Price Action: Bitcoin was last up approximately 6% over a 24-hour period at $46,793, according to Benzinga Pro.

Read Next: Inside The Mysterious $1.2M Bitcoin, Genesis Wallet Transfer: Who’s Trying to ‘Flush Satoshi Out?’

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