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Crypto market direction continues to be uncertain due to recent ambiguities, and nobody can give a definitive prediction. Despite this, serious price predictions, especially for the leading cryptocurrency Bitcoin (BTC) for the upcoming year, continue to arrive. The most important thing needed for BTC to reach these levels is institutional support. Cathie Wood, one of the first names that come to mind in the US when institutions are mentioned, is on the agenda this time with a negative situation.
Wood Sells COIN
The CEO of Ark Investment Management LLC, one of the world’s largest asset management companies, Wood, made her first ever sale of COIN, the Coinbase stock, which she hasn’t sold for almost a year and consistently bought. It appears that Wood has sold 135,152 shares or COIN through her Ark Innovation ETF product. The sale that took place on Tuesday was also reported by Bloomberg.
Ark is currently the fourth-largest shareholder of Coinbase shares and is known for consistently buying at the lowest points for nearly 11 months. The fact that Wood, who is seen buying even when the crypto sector is very volatile and BTC drops to $24,000, is now selling could cause fear. BTC is progressing steadily at the $30,000 level and the expectation of decline is relatively low despite this boring horizontal range. However, it seems that Wood and other institutional names may be expecting a decline. COIN, Coinbase’s stock, is directly affected by the crypto sector and the COIN price is progressing in proportion to this. The fact that Wood is selling now may suggest that there could be a decline soon.
Coinbase Sale Accelerates
Ark Innovation ETF, Wood’s number one fund, gained a 5.1% increase this year and actually lagged behind products like the Nasdaq 100 Index. This may actually show why Wood felt the need to sell COIN all of a sudden. Coinbase’s senior executives were also recently caught selling a large amount of COIN. The COIN sales of many top-level executives, including Brian Armstrong, are sounding the alarm for the exchange.
