Cathie Wood Turns Bearish On Bitcoin Amid FOMC? Dumps Coinbase Shares

Cathie Wooden’s funding administration agency Ark Make investments sells Coinbase (COIN) shares for the primary time after July final yr. Ark Make investments’s huge shopping for spree of Coinbase shares began in October as crypto bull Cathie Wooden predicted Bitcoin to hit $1 million by 2030. The current sale of Coinbase shares forward of the U.S. Federal Reserve’s most vital price hike resolution on Wednesday has raised questions within the business.

On March 22, Cathie Wooden’s Ark Make investments offered 160,887 Coinbase shares from its Ark Fintech Innovation ETF (ARKF), in line with transactions seen by CoinGape. Whereas the explanations stay unclear, the promoting got here as Coinbase (COIN) inventory worth jumped 11.78% to $83.99 on Tuesday.

Curiously, the promoting got here from Ark Fintech Innovation ETF (ARKF) and never from the ARK Innovation ETF (ARKK) and ARK Subsequent Technology Web ETF (ARKW), that are massively accumulating Coinbase shares. Nonetheless, traders will control whether or not the opposite two funds additionally trying to cut back Coinbase holdings.

Cathie Wooden’s Ark Make investments funds ARKK and ARKW continued the shopping for spree in March, whereas ARKF final bought Coinbase inventory in January. Cathie Wooden’s Ark Make investments bought 103,129 Coinbase shares for its ARK Innovation ETF (ARKK) and 16,300 Coinbase shares for ARK Subsequent Technology Web ETF (ARKW) on March 10. Notably, Cathie Wooden bought COIN shares as costs dipped beneath $60.

In the meantime, Ark Make investments has been shopping for different Bitcoin-related shares corresponding to Block Inc. and Tesla. Furthermore, Ark Make investments has added Microsoft shares amid ChatGPT hype.

Has Cathie Wooden Turned Bearish on Bitcoin?

Cathie Wooden stays bullish on Bitcoin regardless of the Fed price hike and banking sector woes. Cathie Wooden reiterated her bullish stance on Bitcoin and Ethereum, saying each prime cryptocurrencies are “heading in the right direction.”

Lately, Cathie Wooden additionally blasted regulators for blaming crypto for the banking disaster. She claimed that had nothing to do with the banks’ funding selections, nor the Fed’s resolution to extend rates of interest 19-fold in lower than a yr.

Additionally Learn: Bitcoin Value Set For $35,000 After US Fed ate Hike Determination: Bloomberg

Varinder is a Technical Author and Editor, Expertise Fanatic, and Analytical Thinker. Fascinated by Disruptive Applied sciences, he has shared his data about Blockchain, Cryptocurrencies, Synthetic Intelligence, and the Web of Issues. He has been related to the blockchain and cryptocurrency business for a considerable interval and is at present protecting all the newest updates and developments within the crypto business.

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