Bitcoin bull Cathie Wood on Friday reiterated her bullish case on Bitcoin, with Elon Musk agreeing along with her. Wood hails the Bitcoin community – a lot bigger than the mixed measurement of the cloud infrastructure constructed by Amazon, Google, and Microsoft during the last 15–20 years.
Meanwhile, Cathie Wood’s Ark fund has additional offloaded holdings in ProfessionalShares Bitcoin Strategy ETF (BITO) to put money into Ark 21Shares spot Bitcoin ETF (ARKB).
Elon Musk Reacts To Cathie Wood’s Bitcoin Network Comments
Ark Invest CEO Cathie Wood on January 19 stated Bitcoin is backed by the biggest pc community on this planet, reiterating her bullish outlook on Bitcoin. She claims that the Bitcoin community is bigger than the mixed measurement of the clouds that Amazon, Google, and Microsoft have constructed during the last 15-20 years.
Wow
— Elon Musk (@elonmusk) January 19, 2024
Wood cited Ark Investment director of digital belongings Yassine Elmandjra’s knowledge on Bitcoin hash price hitting an all-time excessive above 500 exahashes/s in January. “For every star in our galaxy, the Bitcoin network is calculating 5 billion computations per second. It would take ~2000 years for the entire global population, each performing one hash/second, to match the Bitcoin network’s hash rate,” stated Elmandjra, whereas sharing some elements of the magnitude of the Bitcoin community.
Also Read: Grayscale’s GBTC Records $580 Mln Net Outflow On Day 5
Ark Invest Sells BITO To Buy ARKB Spot Bitcoin ETF
On January 18, ARK Next Generation Internet ETF (ARKW) offered 758,915 shares of ProfessionalShares Bitcoin Strategy ETF (BITO) price $15 million to purchase 365,695 shares of Ark 21Shares spot Bitcoin ETF (ARKB) price $15 million.
ProfessionalShares Bitcoin Strategy ETF (BITO) value closed on Thursday at $19.72, down 4.64%. Whereas, Ark 21Shares Bitcoin ETF (ARBK) value additionally closed 4.46% decrease at $40.95.
Cathie Wood continues to double down on its just lately listed spot bitcoin ETF as a part of the technique to extend holdings in its Ark 21Shares spot Bitcoin ETF. On Jan 16, ARKW offered 757,664 shares of ProfessionalShares Bitcoin Strategy ETF (BITO) valued at roughly $15.8 million to buy 365,427 Ark 21Shares Bitcoin ETF (ARKB) price $15.8 million.
ARKB recorded $41.8 million influx, as per the information by BitMEX Research. Total outflow for 11 spot Bitcoin ETF was $131.6 million on day 5, with large $579.6 million outflow in GBTC.
In December, ARKW purchased 4.32 million shares of ProShares Bitcoin Strategy ETF (BITO) by fully offloading its holdings in Grayscale Bitcoin Trust (GBTC).
Also Read: Crypto Market Selloff — Here’s Why BTC, ETH, SOL, XRP, LUNC Falling Today
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