Cathie Wood's Ark Invest Dumps Ether Futures ETF, Signaling a Bearish Outlook for Ethereum ETPs
- WBOYOriginal
- 2024-08-10 21:32:121149browse
On August 9, Cathie Wood’s Ark Invest made notable moves in the crypto market by offloading significant portions of its Ethereum futures ETFs.
Cathie Wood’s Ark Invest made headlines on August 9 with notable activity in the crypto market. The firm sold significant portions of its Ethereum futures exchange-traded funds (ETFs), signaling a bearish outlook for these products. This move also comes amid surging outflows from spot Ethereum ETFs.
The Ark Investセールス 400 units each of two Ethereum futures ETFs. These include the Ark Active Ethereum Futures Strategy ETF (ARKZ) and the ProShares Ethereum Strategy ETF (EETH). The sale of ARKZ units was valued at $12,056, while the EETH transaction amounted to $21,112.
While these figures may seem like a relatively small divestment, they indicate a strategic repositioning by Ark Invest. It suggests reduced confidence in Ethereum ETPs and the crypto's short-term prospects.
In contrast to this move, recent activity by Cathie Wood’s firm toward crypto stocks highlights a more bullish stance. On August 7, the firm acquired 145,420 shares of Robinhood Markets Inc. ( HOOD) It made this investment to the tune of $2.4 million as the market showed signs of recovery.
This HOOD stock purchase also came ahead of Robinhood’s earnings report, with the stock closing at $17.12 on the transaction day. Ark Invest also bought 13,833 shares of Coinbase Global Inc. (COIN) as the asset climbed 2% from earlier虧損 driven by recession fears.
Cathie Wood-led firm had snapped up HOOD and COIN stock even during the market downturn.
Also Read: Grayscale Turns More Bullish On Bitcoin And Ethereum, Here’s Why
A Look At Ethereum ETF Market
As Cathie Wood’s Ark Invest dumped its Ethereum futures ETFs, the broader ETH market displayed mixed signals in recent days. On August 9, spot Ethereum ETF flows recorded a net outflow of $15.8 million. However, the weekly total remained positive at $104.8 million, indicating a mixed sentiment.
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