Ark Invest sold approximately $40 million worth of its ARK 21Shares Bitcoin ETF (ARKB) shares through its ARKW and ARKF ETFs. This move comes after a significant 23% rally in Bitcoin and ARKB over the past month, suggesting profit-taking or a rebalancing strategy amidst broader Bitcoin ETF outflows.
Ark Invest, led by Cathie Wood, sold a substantial 466,133 shares of ARKB from ARKW and 1.06 million shares from ARKF, totaling around $40 million. This divestment occurred after ARKB and Bitcoin experienced a strong 23% rally over the past month, indicating a potential profit-taking strategy or a shift in allocation. The sale also coincides with a period of net outflows from spot Bitcoin ETFs last week, although inflows resumed on Monday. For traders, this could signal Ark's view on short-term Bitcoin price action or a rebalancing of their portfolios, potentially adding selling pressure to ARKB in the short term, despite broader market inflows.