Cathie Wood’s Ark Sells More Coinbase Shares, COIN Stock Dips
Cathie Wood’s Ark Invest has continued to reduce its holdings in Coinbase (COIN) amid a volatile market environment. This offloading may triggered a dip in COIN stock price in the pre-market session today. Moreover, the crypto market sentiment turned bearish as Mt. Gox wallets woke up with gigantic Bitcoin (BTC) transfers.
Also Read: Coinbase Vs. SEC: Coinbase Refines Subpoena for SEC Chair Gensler
Cathie Wood’s Ark Invest Dumps Coinbase Shares
On Monday, July 15, Ark Invest offloaded 1,895 COIN shares, valued at over $460,000. This move follows a remarkable 11% rally that pushed Coinbase stock past $240, indicating Ark’s motive to capitalize on the profits. Moreover, this move came just days after Ark Invest sold 2,046 shares worth nearly $450,000 on Friday.
Despite these market uncertainties, Ark Invest remains active in its portfolio management strategy. The decision to reduce its stake in Coinbase reflects Ark’s proactive approach to portfolio adjustment amid evolving market dynamics.
Notably, Coinbase remains a significant holding in Ark Fintech Innovation ETF, comprising 11.04% of the fund’s portfolio with a value exceeding $100 million. At press time, Coinbase stock dropped 1.98% to $239. Earlier, on Monday, the stock closed at $242.85, indicating a phenomenal surge of 11.39%.
Crypto Market Sentiment
The recent sell-offs by Ark Invest, particularly through its Ark Fintech Innovation ETF (ARKF), coincide with uncertainty in the crypto market. Today, the Crypto Fear and Greed Index surged to 65 (greed) from a neutral position of 52. This increase followed a recovery in Bitcoin and altcoin price. However, the market outlook remains tempered by the recent Mt. Gox wallet movements, which have stirred speculation of a potential Bitcoin selloff.
Mt. Gox, the infamous cryptocurrency exchange that collapsed in 2014, recently transferred over 96,000 BTC worth a over $6 billion from its long-held reserves to internal wallets. Further, this movement has raised concerns about a potential BTC selloff, potentially impacting rhe price.
The ongoing saga of Mt. Gox, including its $9 billion repayment to creditors, continues to influence market sentiment. In addition, this contributed to Bitcoin’s recent drop below the $63,000 mark. Netizens expect creditors to liquidate BTC received from Mt. Gox to realize massive profits as BTC was worth only $600 at the time of hack. Hence, the Crypto Fear & Greed Index could also see a shift as the sentiment changes.
Also Read: Breaking: Mt Gox Transfers Bitcoin To New Wallet, Sign of Repayment?
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