"Wood Sister" Escaping the Peak? Ark Sells GBTC and Coinbase in Sync with Bitcoin's Sharp Decline

Zhitong App learned that on Monday, Cathie Wood, the leader of the investment firm Ark Invest, sold over $12.8 million worth of Grayscale Bitcoin Trust (GBTC) shares amid the volatile cryptocurrency market. Buying GBTC shares is currently one of the most popular channels for Bitcoin investment, so this move is significant for cryptocurrency holders. It is understood that Ark Invest made this decision when the cryptocurrency market, including Bitcoin and Ethereum, experienced a sudden plunge on Monday.

According to statistics, Ark sold a total of 395,945 shares of GBTC through the ARK Next Generation Internet ETF (ARKW.US). The total value of this transaction is approximately $12.85 million. On Monday, GBTC shares closed at $32.46, a decrease of 8.6%.

Cryptocurrency Plunge on Monday, "Wood Sister" Quickly Profits and Exits

Ark Invest's decision to sell a large amount of GBTC shares aligns with the recent market trend of sudden cryptocurrency sell-offs. Some analysts focusing on cryptocurrencies have stated that the cryptocurrency market is currently going through an uncertain phase, and they point out that the $39,000 level is a crucial price point for Bitcoin. Once broken, it could lead to a continued plunge. In the sudden cryptocurrency sell-off on Monday, Bitcoin briefly and sharply dropped to $40,000, a 7.5% decrease, before recovering some of the losses. On Tuesday, the downward trend continued, and it is currently hovering around $42,000.

During the same trading period on Monday, Ark sold a total of 13,634 shares of Coinbase Global stock through the ARK Innovation ETF (ARKK.US), Ark Fintech Innovation ETF (ARKF.US), and ARK Next Generation Internet ETF. The total value of these transactions is approximately $1.8 million. The stock price of cryptocurrency exchange Coinbase Global (COIN.US) closed down 5.87% at $138.02.

This month, Ark Invest made significant adjustments to its holdings of Coinbase Global stock, intending to profit and exit as Bitcoin broke through the $44,000 mark. Therefore, a large amount of Coinbase Global stock was sold. However, the latest position statistics of the ARK Next Generation Internet ETF show that despite reducing some holdings, Coinbase Global and Grayscale Bitcoin Trust (GBTC) still rank first and third in terms of allocation. According to reports, Bitcoin has experienced a surge in the second half of this year. The main reason behind this is the market's expectation that US regulatory agencies will approve the country's first Bitcoin spot ETF, which will expand the potential investment base for cryptocurrency investors. At the same time, the expectation of a rate cut by the Federal Reserve in 2024 has also fueled the rise of Bitcoin and the overall virtual currency market.

It is worth mentioning that Bitcoin has risen by more than 150% so far this year, driving the broader recovery of digital asset prices from the crash of $15 trillion in 2022. However, its price is still far below the record high of nearly $69,000 during the pandemic more than two years ago.

Richard Galvin, co-founder of Sydney Digital Asset Capital Management, said, "Market leverage has significantly increased, and the current decline seems to be a deleveraging of the market rather than any fundamental news catalyst." In addition, investors this week remain cautious about US inflation data and the Federal Reserve's last policy meeting in 2023, both of which could test aggressive rate cut bets.

"Miss Wood" recently increased her holdings in two medical stocks

The latest data compiled by institutions shows that Ark Invest has significantly increased its positions in CRISPR Therapeutics AG (CRSP.US). Ark purchased 33,097 shares of CRISPR through the ARK Genomic Revolution ETF (ARKG.US) and 151,909 shares through ARKK, demonstrating the strong investment confidence of Ark Invest, led by Miss Wood, in the biotechnology industry.

Another notable purchase is Adaptive Biotechnologies (ADPT.US), which Ark Invest increased its holdings in by 142,975 shares through ARKG, indicating Ark Invest's strong interest in cutting-edge medical diagnostic technologies.

In terms of news in the biotechnology industry, the gene editing company CRISPR Therapeutics and Vertex Pharmaceuticals (VRTX.US) recently received FDA approval for their jointly developed gene editing therapy. It is understood that this is the first FDA-approved CRISPR gene editing therapy. This CRISPR/Cas9 gene editing therapy, called exa-cel, is the world's first CRISPR gene editing therapy.

Ark's recent trades, especially the trading operations in GBTC and Coinbase Global stocks, clearly demonstrate Ark Invest's responsive strategies to rapidly changing markets and its commitment to maintaining a leading position in the globally dynamic investment environment. With the rapid development of cryptocurrency and the technology industry, Ark Invest's actions have attracted close attention from investors seeking insights into emerging technology trends.