coinpedia.org
Coinbase COIN Rallies 49.7% in 24 Hours Reaching Highest Level Since May 2022 – Bull market vibes are starting to kick in! What’s going on here? Whales are pumping Coinbase stock instead of Bitcoin? The crypto market chess continues! Under Cathie Wood’s guidance, ARK Invest has been strategically navigating the waters of the crypto market.
Recently, they opted to cash in 43,956 Coinbase shares valued at a whopping $5.3 million, taking advantage of the stock’s climb to $119.7, an 18-month high. While Coinbase has surged impressively, recording a 168% rise over a year, it remains a considerable 70% below its all-time high in September 2021.
ARK Offloading—What’s Up? It’s Good for Bitcoin.
This isn’t the first time ARK has made such moves. They’ve previously unloaded significant Coinbase stocks, notably in July and November, when they sold Coinbase shares amounting to millions. Despite these sell-offs, it’s crucial to note that ARK’s actions aren’t indicative of losing faith in Bitcoin.
They’ve been actively accumulating shares in the crypto sphere. As per trading view, ARK snagged 1.6 million SoFi shares valued at $11 million and added $1.1 million worth of Robinhood stock to their portfolio, showcasing continued interest and strategic maneuvers within the cryptocurrency market.
But Why is This Move Crucial?
With Bitcoin ETF anticipation rising daily and Binance’s instability producing market ripples, Cathie Wood, known for her bullish views on crypto, shared an eye-popping projection. Since ARK has also filed an ETF application and the market is buzzing, who will bag the first mover advantage, Blackrock or Ark Invest? Meanwhile, Cathie’s move may have upset many. It’s crucial to know why she is offloading Coinbase shares and Robinhood, the only exchanges doing well at present.
As we get to know, ARK’s trading choices seem strategic and dynamic, reflecting a nuanced approach to balancing their portfolio and not a loss of faith in Bitcoin’s potential. This intricate dance within the crypto market showcases ARK’s careful positioning, taking profits from certain assets while simultaneously reinforcing positions in others.
Wood Teases market with $1M Bitcoin Projection
In a Wall Street Journal interview, she foresees Bitcoin hitting an astonishing $1 million to $1.5 million in a super-bullish scenario. However, Bitcoin currently sits at $36,930.42, a slight dip of 1.19%. On a brighter note, Wood’s ARKF closed Monday up 2% at $23. This juxtaposition of promising ETF hopes and Binance’s struggles portrays the roller-coaster nature of the crypto realm, where optimism and turbulence coexist.