“Cathie Wood’s Alleged Bitcoin Trust Sell-Off Raises Questions Amid Bullish Bitcoin Predictions”
It’s widely rumored that Cathie Wood is set to divest over 700,000 shares of Bitcoin Grayscale Trust through her Ark ETF fund.
Cathie Wood, CEO of Ark Invest, has quietly trimmed her exposure to Bitcoin (BTC), sparking speculation and concerns among investors.
The news broke when WhaleWire, a prominent source in cryptocurrency market insights, tweeted that Wood had reduced her Bitcoin exposure while publicly maintaining a bullish outlook on the leading cryptocurrency.
The tweet mentioned that in the previous week, Wood drew attention by promoting unrealistic expectations for Bitcoin, indicating a surge surpassing $1,480,000. In contrast to her overall bullish stance, ETF Trading data indicated a secretive divestment of over 700,000 shares from Bitcoin Grayscale Trust through her Ark ETF fund, resulting in a significant reduction in Ark’s BTC exposure.
The tweet drew parallels to a similar scenario in 2021 when Woods encouraged people to buy Tesla stocks and set a $3,000 target price for ARK, all while secretly reducing their positions by -84%. The current situation, as speculated in the tweet, raises questions about the transparency of Wood’s investment strategy and its potential impact on the overall performance of Ark Invest’s portfolio.
Wood’s Stance on Bitcoin’s Prospects
Regarding Bitcoin, Wood predicted its fundamental value to range between $600,000 and $650,000.
However, market observers noted that this positive outlook contradicts the announced reduction in Bitcoin holdings.
Wood remains confident in the cryptocurrency’s potential, expressing belief that Bitcoin could surpass its fundamental state if the exchange-traded Bitcoin fund receives approval.
READ also The Rise of Bitcoin: A Surprising Phenomenon
Interestingly, Ark Invest applied for an immediate Bitcoin ETF, and Wood highlighted a noteworthy development with the Securities and Exchange Commission (SEC). Instead of outright rejection, the SEC posed questions regarding Ark’s recent application, prompting Wood to speculate that “something may have shifted” in the regulatory landscape. According to Wood, this change increases the likelihood of approval for the immediate Bitcoin ETF.
Disclaimer: The information provided is not financial advice. Chinwa.tech does not take any responsibility for investments made based on the information provided in this article. We recommend consulting a qualified specialist or financial advisor before making any investment decisions.
