- Ark Invest dumped 400 units each of two ETFs that track Ethereum futures.
- A net outflow of $15.8 million was seen in the spot Ethereum ETF flows on August 9.
Notable crypto market activity occurred on August 9 when Ark Invest, run by Cathie Wood, sold off a large chunk of its Ethereum futures exchange-traded funds. The outcome of this judgment can be bad news for Ether ETPs on the market. Also, in light of the increasing withdrawals from spot Ethereum ETFs, it signals a larger change in investor sentiment.
Ark Invest dumped 400 units each of two ETFs that track Ethereum futures. These are the ProShares Ethereum Strategy ETF (EETH) and the Ark Active Ethereum Futures Strategy ETF (ARKZ). There was a $21,112 EETH trade and an ARKZ sell of $12,056.
Strategic Move
Despite the tiny size of the divestiture, these numbers indicate that Ark Invest is orienting itself strategically. It may be a sign that people are losing faith in Ethereum ETPs and the short-term promise of the cryptocurrency. But Cathie Wood’s business has taken a more positive attitude toward cryptocurrency equities as of late.
Moreover, the company bought 145,420 Robinhood Markets Inc. (HOOD) shares on August 7. As the market began to show indications of improvement, it spent $2.4 million. In addition, the HOOD stock buy was made on the same day as Robinhood’s earnings announcement, when the stock price was $17.12.
Also, Coinbase Global Inc. (COIN) saw 13,833 shares purchased by Ark Invest. In the wake of Cathie Wood’s dump of Ethereum futures ETFs, the wider ETH market has been sending contradictory signals. A net outflow of $15.8 million was seen in the spot Ethereum ETF flows on August 9. The mixed sentiment was shown by the positive sum of $104.8 million for the week, however.
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