ARKW is Ark Invest's historically best-performing ETF, but it is currently suffering a 38% drawdown from its peak in Feb 2021 due to inflation fears.In this article, we explore whether ARKW's outsized exposure to Bitcoin-related holdings can save it from further downward pressure from inflation fears.We find that ARKW's exposure to Bitcoin did not contribute to additional correlation, whereas Ark's ETFs without Bitcoin exposure also showed a similar time-varying correlation towards Bitcoin.We find that the magnitude of S&P500's correlation towards Bitcoin is larger than ARKW on both spectrums, which suggests that Bitcoin is traded more closely to S&P500.In conclusion, we find that Bitcoin's upside may not be sufficient to save ARKW from further downward pressure from inflation fears.