Bitcoin Recovers After Ark Invest's $100 Million Sale
2024-08-30

According to data provided by Arkham Intelligence, Ark Invest, the asset management company run by famous stock picker Cathie Wood, sold $100 million worth of Bitcoin on Aug. 28. 
Ark Invest continues to hold roughly $2.6 billion worth of Bitcoin after the most recent outflows. 
The analytics firm has suggested that ARK 21Shares Bitcoin ETF (ARKB) buyers might have decided to cash out at the bottom. 
ARKB was responsible for the vast majority of outflows that were recorded yesterday. 
On Aug. 28, the price of the leading cryptocurrency dropped to as low as $57,866 on the Bitstamp exchange. According to Glassnode co-founders Jan Happel and Yann Allemann, the post-weekend drawdown was caused by the US equities being in the red. They noted that Bitcoin's intraday correlation with the S&P 500 recently experienced a significant increase. 
When it comes to the options market, risk reversals are skewed towards puts for both Bitcoin and Ethereum, meaning that traders remain cautious. 
The widely expected September rate cut is expected to be a significant market catalyst, according to various market experts. 
Earlier today, Bitcoin managed to reclaim the $60,000, but it has now pared some of its gains. 
Uber-bullish predictions 
As reported by U.Today, Ark Invest CEO Cathie Wood has repeatedly shared uber-bullish Bitcoin price predictions. 
In March, the famed stock-picker forecasted that the price of the leading cryptocurrency could surge to as high as $3.8 million in the long term due to growing institutional adoption. 