Cathie Woods Sells Bitcoin for Ethereum? Crypto Hits Extreme Fear + Sentiment Rock-Bottom?

Cathie Wood's ARK Invest Adjusts Crypto Holdings

ARK Invest, the investment management firm led by Cathie Wood, purchased $8.7 million worth of Coinbase (COIN) shares on Tuesday amidst a cryptocurrency market downturn. Simultaneously, they sold approximately $8.6 million in Bitcoin (BTC) through their spot bitcoin ETF (ARKB), shedding 98,060 shares. This occurred as Bitcoin reached a three-month low, below $28,000, driven by significant outflows from US spot Bitcoin ETFs.

Crypto Market Experiences Extreme Fear

Crypto market sentiment plummeted to "extreme fear" as Bitcoin dropped to its lowest point since mid-November, reaching approximately $26,887. The broader crypto market experienced a double-digit percentage drop in a single day, with Solana, XRP, and Dogecoin suffering particularly steep losses.

Crypto Market Shows Signs of Volatility

While equity markets showed signs of optimism on Thursday, with S&P 500 and Nasdaq futures rising in pre-market trading following Nvidia's positive earnings report, Bitcoin continued its volatile week, entering correction territory.