- Wood’s company has divested approximately 3.82 million dollars worth of 198,873 shares of ProShares Bitcoin
- Ark Invest, in an effort to increase its own Bitcoin ETF and to further expose itself to Tesla, liquidated over 300,000 Coinbase (NASDAQ: COIN) shares.
- BTC experienced a 0.27% decline on Thursday, reversing some of the 0.37% gains observed on Wednesday.
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Cathie Wood’s Ark Invest company is buying shares of its own spot Bitcoin ETF: Latest data on ARK Invest investments!
ARK Invest is Buying Its Own Bitcoin ETF
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Cathie Wood’s Ark Invest is one of the leading companies providing spot Bitcoin ETFs. On Thursday, January 25, Ark Invest surprisingly acquired 94,918 shares of ARK 21 Shares Bitcoin ETF. According to Ark Invest Daily data, Cathie Wood’s Ark Invest entered into strategic transactions on January 25 and purchased 94,918 shares of ARK 21 Shares Bitcoin Spot ETF, which is approximately equivalent to 3.78 million dollars.
Simultaneously, Wood’s company divested approximately 3.82 million dollars worth of 198,873 shares of ProShares Bitcoin Futures ETF. These tactical moves by Cathie Wood highlight the dynamic decision-making process Ark Invest is involved in, amidst the evolving environment of the cryptocurrency market.
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Ark Invest has made significant changes to its portfolio in the last two months. While selling substantial assets in crypto firms like Coinbase and Block Inc., Ark Invest liquidated over 300,000 shares of Coinbase (NASDAQ: COIN) to increase its own Bitcoin ETF and to expose itself more to Tesla.
In addition to buying its own Bitcoin ETF, Ark Invest also acquired 29,624 shares of Tesla Inc (NASDAQ: TSLA).
Why is BTC Price Falling Despite Strong ETF Entries?
Bitcoin price faced strong selling pressure, dropping below $40,000 earlier this week. BTC experienced a 0.27% decline on Thursday, reversing some of the 0.37% gains observed on Wednesday. The day concluded with BTC settling at $39,981.
Investors are feeling mixed about why the Bitcoin price is falling despite strong entries in spot Bitcoin ETFs. Bloomberg Intelligence ETF analyst James Seyffart emphasizes the nuanced role of Exchange-Traded Funds (ETFs), especially in the context of Bitcoin in the cryptocurrency market.
Seyffart notes that ETFs now represent a significant portion of the market, but they should not be viewed as the market itself. He suggests that Bitcoin ETF entries might coincide with Bitcoin price declines, and conversely, exits could align with rising prices. Seyffart explains that this dynamic should not be surprising and draws parallels with other asset classes such as stocks, bonds, or gold.
The analyst clarifies that funds, including ETFs, constitute a subset of the larger supply and demand balance that determines market prices. On the other hand, as Grayscale outflows slow down, BlackRock’s Bitcoin ETF continues to experience strong entries.