Cathie Wood's Ark Invest has increased its Bitcoin holdings despite current market trends by acquiring 997 BTC through Coinbase for a total of $80 million. This purchase comes amid Bitcoin price fluctuations and market instability.
Bitcoin Purchase and Market Situation
On March 13, Ark Invest purchased 997 BTC via Coinbase, with the transaction amounting to $80 million. The purchase was executed in two parts – 498 BTC and 499 BTC, according to Arkham Intelligence. While Bitcoin faced resistance at $83,700, some market analysts were concerned about a potential drop to $75,000.
Ark Invest's Strategy
Despite short-term challenges, Cathie Wood maintains a bullish outlook on Bitcoin, expecting it to reach $1 million by 2030. Concurrent with its Bitcoin acquisition, Ark Invest sold approximately $9 million worth of Bitcoin ETFs. This pattern of focusing on exchange shares while balancing Bitcoin ETF holdings has been characteristic of the company in recent months.
Market Trends and Prospects
Market sentiment has reached extreme lows, with Bitcoin's Fear & Greed Index hitting a level not seen since 2017. Ark attributes the current market conditions to several factors, including slowing Bitcoin circulation and declining consumer sentiment. Nevertheless, one positive sign is that the Bitcoin SOPR has reset to 1, historically signaling price recoveries.
Ark Invest's actions reflect confidence in Bitcoin's potential despite the current market downturn. By continuously adjusting its investment strategy, the company aims to strengthen its position in the cryptocurrency sphere and maintain its market share.
