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After Ark Invest offloaded $100 million worth of Bitcoin, the cryptocurrency recovered robustly, nearing the $60,000 threshold once again in a volatile market.
Cathie Wood's Ark Invest Sells $100 Million in Bitcoin
The asset management firm headed by renowned stock picker Cathie Wood, Ark Invest, reportedly sold $100 million worth of Bitcoin on August 28th, according to data supplied by Arkham Intelligence.
Despite the latest sell-offs, Ark Invest still has over $2.6 billion worth of Bitcoin on hand. Investors in the ARK 21Shares Bitcoin ETF (ARKB) may have chosen to sell their holdings when prices dropped, according to the analytics firm.
ARKB Leads Outflows After Price Drop
It was determined that ARKB was the cause of the overwhelming bulk of the outflows that were reported yesterday.
As of the 28th of August, the price of the most prominent cryptocurrency on the Bitstamp platform reached a low of $57,866.
Bitcoin and S&P 500 Show Increased Correlation
The post-weekend drawdown was prompted by the red US equities, according to Jan Happel and Yann Allemann, co-founders of Glassnode. A notable increase in the intraday correlation between Bitcoin and the S&P 500 was seen by them.
With regard to the options market, risk reversals are biased toward puts for both Bitcoin and Ethereum, which indicates that traders continue to exercise caution about their investments.
September Rate Cut Could Move Bitcoin
Several market analysts believe that the much anticipated rate cut in September will serve as a major catalyst for the market. Market volatility could be heightened, though, if the rate cut is more than anticipated.
According to U.Today, in the early hours of today, Bitcoin was successful in regaining the $60,000 mark; however, it has since lost some of its gains.
The Chief Executive Officer of Ark Invest, Cathie Wood, has consistently expressed extremely high forecasts regarding the price of Bitcoin.
Cathie Wood Sees Bitcoin Reaching $3.8 Million
Renowned stock-picker predicted in March that top cryptocurrency price could reach $3.8 million in the long run as a result of increasing institutional use.
