Cathie Wood's Ark Invest Bled $100M Worth of Bitcoin on Aug. 28, but Still Holds $2.6B

According to data provided by Arkham Intelligence, Ark Invest, the asset management company run by famous stock picker Cathie Wood, bled $100 million worth of Bitcoin on Aug. 28.

Ark Invest, the asset management company headed by renowned stock-picker Cathie Wood, reportedly lost around $100 million in Bitcoin on Aug.28, according to data from Arkham Intelligence.  

Following the recent outflows, Ark Invest still holds roughly $2.6 billion in Bitcoin.  

The analytics firm suggested that buyers of ARK 21Shares Bitcoin ETF (ARKB) might have decided to cash out at the bottom.  

The majority of the outflows recorded on Monday were attributed to ARKB.  

On the Bitstamp exchange, the price of the leading cryptocurrency dropped to as low as $57,866 on Aug.28. According to Glassnode co-founders Jan Happel and Yann Allemann, the post-weekend drawdown was triggered by losses in US equities. They noted that Bitcoin's intraday correlation with the S&P 500 has risen significantly.  

In the options market, risk reversals are skewed towards puts for both Bitcoin and Ethereum, indicating caution among traders.  

The upcoming September rate cut is a key market catalyst, with some anticipating a larger-than-expected cut that could lead to significant market volatility.  

Earlier on Monday, Bitcoin briefly recovered above $60,000, but it has since lost some of its gains.  

As reported by U.Today, Ark Invest CEO Cathie Wood has shared several bullish Bitcoin price predictions. In March, the renowned stock-picker predicted that the flagship cryptocurrency could trade as high as $3.8 million in the long term due to increasing institutional adoption.

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