Cathie Wood's ARK offloads GBTC shares again, here's why

Title: Cathie Wood’s ARK Invest Continues to Make Headlines with Recent Trades

Cathie Wood’s Firm Sells GBTC Shares During Market Highs

Cathie Wood’s firm, ARK Invest, made headlines for its recent trades, including selling off millions of dollars’ worth of Grayscale bitcoin Trust (GBTC) shares during the ongoing bull run. This comes after the investment firm sold $4.37 million worth of GBTC shares in late October. However, this time, ARK purchased $5.61 million worth of Block, Inc. shares—a fintech conglomerate co-founded by Jack Dorsey.

ARK Invest and the DeFi Sector

ARK Invest has always been a major player in the decentralized finance (DeFi) sector within the crypto industry. As one of the early traditional finance (TradFi) firms to get involved in the crypto sector, ARK Invest is waiting for the SEC to approve its spot bitcoin exchange-traded fund (ETF). Despite facing rejections from the SEC for its ETF applications, Cathie Wood remains bullish on bitcoin and believes that multiple spot bitcoin ETFs will be approved soon.

Will bitcoin Continue to Rally?

bitcoin has seen a 25% increase since mid-October, currently exchanging hands at $34,706 with a market cap of $675 million. If the SEC approves the ETFs, it could lead to a bigger BTC price rally, especially with the upcoming bitcoin halving scheduled for next year. However, the implementation of crypto regulations by regulators across markets will also impact bitcoin‘s price trends.

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