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Cathie Wood’s Ark Invest Buys 94,918 Shares of Its Own Bitcoin ETF

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Cathie Wood’s Ark Invest has been one of the leading providers of spot Bitcoin ETFs. On Thursday, January 25, Ark Invest purchased a staggering 94,918 shares of the ARK 21 Shares Bitcoin ETF.

Ark Invest Bets on Its Own Bitcoin ETF

According to Ark Invest Daily data, Cathie Wood’s ARK Invest engaged in strategic transactions on January 25, purchasing 94,918 shares of the ARK 21 Shares Bitcoin Spot ETF, equivalent to approximately US$3.78 million.

Simultaneously, Wood’s firm executed a sell-off, divesting 198,873 shares of the ProShares Bitcoin Futures ETF, amounting to approximately US$3.82 million. These tactical moves by Cathie Wood underscore the dynamic decision-making within Ark Invest as they navigate the evolving landscape of the cryptocurrency market.

Ark Invest has been doing major reshuffling to its portfolio over the last two months. While selling some of its major holdings in crypto firms like Coinbase and Block Inc. Ark Invest has liquidated more than 300K shares of Coinbase (NASDAQ: COIN) to increase its exposure to Bitcoin products as well as Tesla.

Along with purchasing its own Bitcoin ETF, Ark Invest purchased 29,624 shares of Tesla Inc (NASDAQ: TSLA).

Why Is BTC Price Dropping Despite Strong ETF Inflows?

The Bitcoin price has been facing strong selling pressure with the BTC price dropping under $40,000 earlier this week. BTC experienced a 0.27% decline on Thursday, partially reversing the 0.37% gain observed on Wednesday. The day concluded with BTC settling at $39,981.

Investors remain confused as to why is the BTC price falling despite strong inflows in the spot Bitcoin ETF. In a recent observation, Bloomberg Intelligence ETF analyst James Seyffart emphasizes the nuanced role of Exchange-Traded Funds (ETFs) in the cryptocurrency market, specifically in the context of Bitcoin.

Seyffart contends that while ETFs now represent a substantial portion of the market, they should not be viewed as the market itself. He points out that Bitcoin ETF inflows can coincide with declining Bitcoin prices, and conversely, outflows can align with rising prices. Seyffart suggests that this dynamic should not be perplexing, drawing parallels with other asset classes like equities, bonds, or gold.

The analyst clarifies that funds, including ETFs, constitute only a subset of the larger supply and demand balance that determines prices in the market. On the other hand, the outflows from Grayscale have slowed down while BlackRock Bitcoin ETF continues to garner strong inflows.

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Bhushan Akolkar

Bhushan is a seasoned crypto writer with over eight years of experience spanning more than 10,000 contributions across multiple platforms like CoinGape, CoinSpeaker, Bitcoinist, Crypto News Flash, and others. Being a Fintech enthusiast, he loves reporting across Crypto, Blockchain, DeFi, Global Macros with a keen understanding in financial markets. 

He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills. Bhushan has a bachelors degree in electronics engineering, however, his interest in finance and economics drives him to crypto and blockchain.

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