ARK Dumps $17M Coinbase, Loads Up on Bullish as Crypto Crashes
Cathie Wood's ARK sold $17.4 million worth of Coinbase Thursday while buying $17.8 million of Bullish. Swap happened as crypto stocks got...
Quick overview
- Cathie Wood's ARK sold $17.4 million in Coinbase while purchasing $17.8 million in Bullish as crypto stocks faced significant declines.
- Coinbase's trading volumes have collapsed, leading to a sharp drop in its revenue model, while Bitcoin fell below $75,000, marking its lowest point since November.
- ARK has been actively buying crypto stocks, with a total of $72 million spent earlier in the week, despite the market being in 'extreme fear' territory.
- Wood maintains a bullish long-term outlook for Bitcoin, predicting it will reach $1.2 million by 2030, despite ongoing market corrections and regulatory challenges.
Cathie Wood’s ARK sold $17.4 million worth of Coinbase Thursday while buying $17.8 million of Bullish. Swap happened as crypto stocks got destroyed – COIN down 13.3%, Bullish off 8.5%.
Classic ARK move. Sell the one dropping harder, buy the one dropping less. Rebalance positions while everything’s on fire. Wood’s been doing this for years. Buy dips, rotate between crypto names, repeat.
Bitcoin fell below $75,000 this week, lowest since November. The selloff dragged every crypto stock down with it. Coinbase got hit particularly hard because trading volumes collapse when retail panics. Less volume means less fees, which tanks COIN’s revenue model.
Bullish runs the exchange that owns CoinDesk. It’s an institutional-focused platform backed by Block.one. Peter Thiel threw money at it early. ARK’s been accumulating Bullish across multiple buying waves over the past month.
The timing’s interesting. ARK’s been on a buying spree all week. They dropped $72 million across crypto stocks Monday. Added Robinhood, CoreWeave, Circle, BitMine. Another $19 million Tuesday. Now this $17M-$17M swap Thursday.
Someone’s tracking every ARK trade daily through email disclosures. The whole crypto Twitter watches these moves because Wood’s become a meme for buying every dip. Sometimes it works. Sometimes she catches falling knives and bleeds capital for months.
Coinbase represents 4.29% of ARK Innovation ETF now. Fifth largest holding. Still a massive position despite trimming. Robinhood’s 3.85%, Circle 2.41%, BitMine 2.03%, Bullish 1.52%. The blockchain-focused ARKF fund has even heavier crypto concentration.
Market’s in “extreme fear” territory according to sentiment indexes. Over $750 million in liquidations this week. Long positions getting crushed as Bitcoin refuses to hold support levels. Everyone hoping $70K holds because breaking that opens the door to much lower.
Wood keeps saying Bitcoin hits $1.2 million by 2030. She’s been saying variations of this for years. The price target keeps getting more aggressive even as Bitcoin spends months consolidating or correcting. Eventually she’s either spectacularly right or spectacularly wrong. No middle ground.
The regulatory environment’s messy too. Nevada Gaming Board went after Coinbase for unlicensed wagering. Gemini’s exiting UK, EU, and Australia markets while cutting 25% of staff. Industry consolidation happening while prices crater. Not ideal timing for aggressive accumulation.
ARK’s strategy assumes these corrections are temporary noise before crypto resumes its uptrend. Works great during bull markets. Gets painful during extended bear markets or structural shifts in adoption rates. We’ll see which this is.
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