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  • Ark Invest sells $2.8M of its own Spot Bitcoin ETF amid market shifts

    Ark Invest sells $2.8M of its own Spot Bitcoin ETF amid market shifts

    Ark Invest sells $2.8M of its own Spot Bitcoin ETF amid market shifts
    • Ark Invest sold 44,609 shares of its ARKB Spot Bitcoin ETF for $2.8 million as part of a rebalancing strategy.
    • The firm retains $139.7 million in ARKB, making it the second-largest holding in ARKW.
    • US spot Bitcoin ETFs saw $4.5 million in inflows, while Ethereum ETFs faced outflows.

    Cathie Wood’s Ark Invest has made headlines by offloading 44,609 shares of its ARKB Spot Bitcoin ETF, valued at $2.8 million. The sale, which took place on Monday, is part of Ark’s ongoing rebalancing strategy to adjust its fund weightings.

    However, the move is not the first of its kind, with the firm having sold $6.9 million worth of ARKB shares in early August and $7.8 million in July. In total, Ark Invest has divested $17.5 million from its Bitcoin ETF.

    Ark Invest avoiding overexposure to any one asset

    Despite these sales, Ark Invest continues to hold a significant $139.7 million in the ARKB ETF, positioning it as the second-largest holding in its Next Generation Internet ETF (ARKW). The ETF still maintains a notable 9.93% weighting within ARKW’s portfolio.

    Tesla remains the largest asset in the ARKW fund, with a 10.15% weighting, worth approximately $142.9 million.

    Ark’s recent sales align with its overarching strategy of preventing any single holding from exceeding 10% of an ETF’s portfolio. By capping weightings, the firm aims to ensure adequate diversification, avoiding overexposure to any one asset.

    Ark has actively adjusted its asset allocation to maintain balance across its funds seeing that ARKB’s value has surged up 26.5% year-to-date.

    As of Monday, ARKB traded at $63.25, reflecting a 0.8% gain for the day. This rise mirrors broader optimism in the Bitcoin market, with Bitcoin itself trading flat but holding steady at around $63,676.

    US spot Bitcoin ETFs see strong inflows

    While Ark continues to manage its Bitcoin exposure, US spot Bitcoin ETFs are experiencing strong inflows, with a net addition of $4.5 million on Monday alone, extending their positive streak to three consecutive days.

    In contrast, US spot Ethereum ETFs have seen outflows, with $79.3 million exiting the funds.

    Ark Invest’s strategic rebalancing underscores its commitment to diversification while navigating the ever-evolving landscape of digital assets.

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  • Ethereum Foundation sells 300 ETH as price hits $2.5k

    Ethereum Foundation sells 300 ETH as price hits $2.5k

    • The Ethereum Foundation has sold a total of 950 ETH worth over $2.2 million in the past three weeks
    • On September 20, the non-profit sold 300 ETH for over $760,000 as Ethereum’s price rose to above $2,500

    The Ethereum Foundation has once again dumped more Ether tokens, this time offloading 300 ETH worth more than $760,000.

    According to on-chain data, the foundation sold the 300 ETH for an average of $2,543 – which is a level that is 5% up on intraday lows of $2,440.

    In recent days, the organization had stopped its selling spree. Before the brief lull, the Ethereum Foundation had become one of the top ETH holders to dump as prices stalled. But on September 20, the dump resumed.

    Ethereum Foundation has sold Ether every four to seven days

    On September 6, the Ethereum Foundation sold 100 ETH for $226,868. It’s a sale that brought the foundation’s increased selling across three weeks to 650 ETH, with these valued at about $1.5 million.

    According to Spot On Chain, a on-chain insights platform, the non-profit organization has sold 950 ETH since the start of September. These sales amount to over $2.2 million, with the average sale price being $2,392.

    The Ethereum Foundation has sold the native Ethereum token every four to seven, on-chain data shows.

    In May 2024, the Ethereum Foundation sold 1,000 ETH for over $3 million, with year-to-date totals at the time reaching 1,766 ETH sold for over $4.8 million.

    The latest dump comes after Ethereum’s price surged from under $2,200 levels reached earlier this month.

    At the time of writing, ETH traded around $2,552, roughly 5% up in the past 24 hours and +8.5% in the past week.

    These gains have come as Bitcoin’s price surged to above $63,000 after this week’s Fed moved to cut interest rate by 0.5%.

    Earlier, CoinJournal highlighted that five Satoshi era Bitcoin wallets that had been dormant for 15 years, woke up and transferred 250 BTC.

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