• ARK Invest has recently sold over 160,000 shares of Coinbase (COIN).
• The current banking sector crisis in the US is fueling the crypto bull run.
• Coinbase CEO Brian Armstrong has also been actively selling tons of COIN shares for profit.
ARK Invest Profiting from Coinbase Shares
Cathie Woods’s ARK Invest has taken advantage of the recent price surge of Coinbase (COIN) and sold 160,887 shares. This comes after months of aggressively accumulating Coinbase stock. Not only that, but Coinbase’s Brian Armstrong has sold over 59,000 COIN shares recently as well.
The Banking Sector Crisis Fueling Crypto Bull Run
Despite some experts claiming that the US government may be attempting to choke its crypto industry through regulatory policies, the current banking sector turmoil in the United States seems to have triggered a resurgence in the cryptoverse. The global crypto market cap is now at $1.18 trillion with Bitcoin’s weekly chart showing an increase of more than 14%. Other established cryptocurrencies including ADA, XRP, BNB, and ETH have also posted decent gains this week.
Coinbase Shares Soar Following Profit Taking
The price of Coinbase shares has increased by over 35% in the last five days and currently exchanges hands for $83.99 according to Google Finance. Allowing investors like ARK Invest to take advantage and sell some their holdings for profit while others such as Brian Armstrong continue to do so as well – amassing more than $3.49 million through sales thus far.
Crypto Community Reacts Positively
Overall, the crypto community has reacted positively to these events with many taking it as a sign that big players are actively investing and profiting from digital assets like Bitcoin and Ethereum which could lead to bigger things in terms of institutional adoption down the line – further driving up prices in 2021-2022..
It appears that Cathie Wood’s ARK Invest was able to take full advantage of recent volatility surrounding Coinbase (COIN) stocks – profiting off their holdings while other whales such as Brian Armstrong continue to do so as well despite the current banking sector crisis in America which continues to fuel bullish sentiment across the entire cryptocurrency market throughout 2021-2022