While Tuesday’s Bitcoin (BTC) price crash to $29,092 has baffled retail investors, institutions like Ark Invest are doubling down their efforts to buy the dips. As per the latest reports, Cathie Wood’s Ark Invest took the advantage of the BTC downturn.
The Ark Generation Internet ETF (ARKW) ETF snapped up over one million additional shares of the Grayscale Bitcoin Trust (GBTC) worth a massive $29.3 billion. The Grayscale Bitcoin Trust (GBTC) provides institutional players an indirect exposure to Bitcoin in a regulated environment.
After falling nearly 20% in the past five trading sessions, the GBTC shares (OTCMKTS: GBTC) changed the momentum on Tuesday and ended 1.12% up at $28.01. With Tuesday’s purchase, the ARKW ETF fund now holds over 8.5 million shares worth a massive $238.8 million.
Ark Invest’s Cathie Wood has been a big proponent of Bitcoin and is pretty much confident of its future. Wood also believes that the arrival of the Bitcoin ETF will completely change the market dynamics in favor of Bitcoin investors.
On the other hand, Cathie Wood’s Ark Invest has been aggressively investing in public listed cryptocurrency firms like Coinbase (NASDAQ: COIN).
Ark Invest Snaps 214,718 COIN shares
Along with the shares of GBTC, Ark Invest also snapped up shares of Coinbase in big numbers. As Benzinga reported, the investment firm purchased a massive 214,718 COIN shares worth a whopping $47.7 million.
Since the public listing on April 14, 2021, the COIN shares have corrected more than 30%. On Tuesday, the COIN share price touched a low of $210 in the early trading session but picked up from the bottom by the end of the trading session.
Ark Invest’s recent purchase of the COIN share comes through its most popular Ark Innovation ETF (ARKK). Ark currently holds 4.7 million COIN shares with a total investment of over $1 billion.
The recent correction in the BTC price has provided a huge opportunity for investors to do bottom fishing and institutions players are quickly on this game. Besides, the Bitcoin millionaire whale addresses holding anywhere between 100-10,000 BTC have been adding more supplies to their wallets during the sideways BTC price movement.
🐳 #Bitcoin was temporarily below half of its #AllTimeHigh value that was reached just 2 months ago after it dropped below $30k today. However, there are signs of a potential turnaround. Read how our whale accumulation & $WETH data could indicate a bounce. https://t.co/nRn0Fmp6sN pic.twitter.com/7TVPkQtwsw
— Santiment (@santimentfeed) June 22, 2021