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

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

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

Interestingly, the promoting got here from Ark Fintech Innovation ETF (ARKF) and never from the ARK Innovation ETF (ARKK) and ARK Next Generation Internet ETF (ARKW), that are massively accumulating Coinbase shares. However, buyers will control whether or not the opposite two funds additionally trying to cut back Coinbase holdings.

Cathie Wood’s Ark Invest funds ARKK and ARKW continued the shopping for spree in March, whereas ARKF final bought Coinbase inventory in January. Cathie Wood’s Ark Invest purchased 103,129 Coinbase shares for its ARK Innovation ETF (ARKK) and 16,300 Coinbase shares for ARK Next Generation Internet ETF (ARKW) on March 10. Notably, Cathie Wood bought COIN shares as costs dipped beneath $60.

Meanwhile, Ark Invest has been shopping for different Bitcoin-related shares similar to Block Inc. and Tesla. Moreover, Ark Invest has added Microsoft shares amid ChatGPT hype.

Has Cathie Wood Turned Bearish on Bitcoin?

Cathie Wood stays bullish on Bitcoin regardless of the Fed fee hike and banking sector woes. Cathie Wood reiterated her bullish stance on Bitcoin and Ethereum, saying each prime cryptocurrencies are “on the right track.”

Recently, Cathie Wood 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 choice to extend rates of interest 19-fold in lower than a yr.

Also Read: Bitcoin Price Set For $35,000 After US Fed ate Hike Decision: Bloomberg

Varinder is a Technical Writer and Editor, Technology Enthusiast, and Analytical Thinker. Fascinated by Disruptive Technologies, he has shared his information about Blockchain, Cryptocurrencies, Artificial Intelligence, and the Internet of Things. He has been related to the blockchain and cryptocurrency business for a considerable interval and is presently protecting all the most recent updates and developments within the crypto business.

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