Cathie Wood’s Ark Invest Continues Selling Coinbase and GBTC Shares
Ark Invest, managed by Cathie Wood, has sold more shares of Coinbase and Grayscale Bitcoin Trust (GBTC) for the second consecutive day. The fund’s Next Generation Internet ETF sold 21,062 shares of Coinbase and 72,509 shares of GBTC. These sales amounted to approximately $3.6 million based on the closing prices of both assets.
Bitcoin Rally Boosts Crypto Market
The recent surge in the price of bitcoin has not only benefited the primary cryptocurrency but also led to growth in other cryptocurrencies and crypto-related stocks. Bitcoin has experienced a nearly 20% increase in the past week and is currently trading around $34,200.
Market optimism is rising due to expectations of spot bitcoin exchange-traded funds (ETFs) receiving approval in the U.S., which could lead to increased investments and price movements. Additionally, analysts suggest that institutional investors may be diversifying their portfolios with bitcoin as a risk-mitigation strategy amidst the ongoing Israel-Hamas conflict.
Potential Inflows from Spot Bitcoin ETFs
According to Galaxy Digital, spot bitcoin ETFs could attract at least $14.4 billion worth of inflows in their first year after issuance. In the second year, these inflows could rise to $27 billion, and by the third year, they could reach as high as $39 billion.
Hot Take: Growing Interest in Bitcoin ETFs
The increasing interest in bitcoin ETFs reflects the growing acceptance and mainstream adoption of cryptocurrencies. If approved in the U.S., spot bitcoin ETFs have the potential to attract significant investment inflows, further driving up prices and market activity. Additionally, amidst global uncertainties, bitcoin is being seen as a hedge against traditional financial risks. As the crypto market continues to evolve, the approval of bitcoin ETFs could be a game-changer, opening up new opportunities for investors and expanding the reach of cryptocurrencies.
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