Ark Invest, the famous asset management firm led by Cathie Wood, recently offloaded $100 million worth of Bitcoin according to Arkham Intelligence data. Despite this, Ark still holds a substantial $2.6 billion in BTC.The 21Shares Bitcoin ETF (ARKB), managed by Ark, saw the majority of these outflows as investors potentially cashed out near the bottom.
Bitcoin Dips Below $58K
On August 28th, Bitcoin dropped as low as $57,866 on Bitstamp. Glassnode founders Jan Happel and Yann Allemann attributed this to the US stock market being in the red that day. They noted a significant increase in Bitcoin’s intraday correlation with the S&P 500.Options traders remain cautious, with put options outweighing calls for both Bitcoin and Ethereum. Many experts believe the expected September interest rate cut will be a major catalyst, but a larger-than-anticipated cut could trigger volatility.
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Bitcoin Reclaims $60K
Earlier today, Bitcoin reclaimed the $60,000 level but has since pulled back slightly. Despite the recent dip, Cathie Wood maintains her uber-bullish long-term Bitcoin price predictions.In March, Wood forecasted Bitcoin could surge as high as $3.8 million due to growing institutional adoption. However, the recent Ark Invest sale shows even the biggest bulls are taking profits at times.
FAQs
Why did Ark Invest sell $100 million in Bitcoin?
Ark Invest likely sold to take profits after Bitcoin’s recent run-up. The sale came as the 21Shares Bitcoin ETF saw significant outflows, suggesting investors were cashing out.
How much Bitcoin does Ark Invest still hold?
Even after the $100 million sale, Ark Invest still holds a substantial $2.6 billion worth of Bitcoin in their funds.
What’s the outlook for Bitcoin after the dip?
Many experts believe the expected September interest rate cut will be a major catalyst for Bitcoin. However, a larger-than-anticipated cut could trigger volatility in the short-term.
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