In a thrilling twist of events, Coinbase (COIN) has surged by an impressive 49.7% within just 24 hours, reclaiming its throne at the highest level since May 2022. The crypto landscape is buzzing with intrigue— are the big players steering towards Coinbase instead of the familiar Bitcoin?
It seems the crypto market is engaged in a strategic chess game, and the moves are anything but ordinary, especially under the guiding hand of Cathie Wood and ARK Invest.
Here are some more details on this for you!
Cashing in on Coinbase’s Rise!
Recently, ARK Invest made waves by cashing in a whopping 43,956 Coinbase shares. Valued at an eye-watering $5.3 million, this move strategically coincided with the stock’s rise to $119.7— an 18-month pinnacle. Although Coinbase has witnessed an impressive 168% surge over the past year, it remains 70% below its record high in September 2021.
Also Read: Is Cathie Wood Losing Faith in Bitcoin? Ark Invest Dumps Holdings
What’s Up With ARK’s Selloffs?
This isn’t the first time ARK has orchestrated such moves. Previous instances in July and November witnessed significant offloading of Coinbase stocks, amounting to millions. However, it’s essential to decipher the narrative correctly— ARK’s actions do not signal a lack of faith in Bitcoin. Quite the opposite, they’ve been actively accumulating shares within the crypto realm.
According to TradingView data, ARK snagged 1.6 million SoFi shares valued at $11 million and added $1.1 million worth of Robinhood stock to their portfolio. This dynamic play showcases sustained interest and strategic maneuvering within the cryptocurrency market.
Striking While the Iron is Hot!
With the anticipation of a Bitcoin ETF escalating daily and the tremors caused by Binance’s instability rippling through the market, Cathie Wood, known for her bullish stance on crypto, unveils a breathtaking projection. As ARK files an ETF application, the question looms large— will BlackRock or ARK Invest seize the first mover advantage?
Meanwhile, Cathie’s recent moves may have left many bewildered. Understanding why she’s offloading Coinbase shares and Robinhood, the two exchanges seemingly thriving at present, becomes crucial.
Strategy, Strategy, & More Strategy
In a recent Wall Street Journal interview, Cathie Wood paints a bold picture, foreseeing Bitcoin soaring to an astonishing $1 million to $1.5 million in a super-bullish scenario. However, the current reality sees Bitcoin perched at $36,930.42, experiencing a slight dip of 1.19%. On a brighter note, Wood’s ARKF closed Monday with a 2% uptick at $23.
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Join the conversation: What do you think of ARK Invest’s recent sell-offs in the crypto space?
Source: https://coinpedia.org/news/cathie-woods-bold-move-ark-invest-sells-coinbase-shares/