Ark Invest dumped a significant number of shares of ARK 21Shares Bitcoin ETF (BATS:ARKB) on Monday after the ETF’s impressive run over the month.
Bitcoin ETF Sold Off
Ark Invest, founded by veteran investor Cathie Wood, sold 466,133 shares of ARKB through its ARK Next Generation Internet ETF (BATS: ARKW) and 1.06 million shares through ARK Blockchain & Fintech Innovation ETF (BATS:ARKF).
With ARKB closing at $26.19, the trade amounted to roughly $40.04 million.
The stock had rallied over 22% in a month, tracking Bitcoin and the broader cryptocurrency market’s sharp rebound.
Bitcoin has climbed 23% over the past month, though its rally lost momentum last week.
Interestingly, the sale comes just ahead of the Senate’s all-important vote on the CLARITY Act on Tuesday, with bipartisan consensus yet to be achieved.
Bitcoin ETF’s Snap Winning Streak
Spot Bitcoin ETFs saw net outflows of $462 million last week, ending a three-week streak of consecutive net inflows, according to data from SoSo Value.
BlackRock’s iShares Bitcoin Trust (NASDAQ: IBIT), the world’s largest cryptocurrency-focused fund, saw over $52 million in outflows.
However, the new week started on a positive note as investors poured $160 million into Bitcoin ETFs on Monday.
Price Action: At the time of writing, BTC was trading at $77,253, down 0.54 % in the last 24 hours, according to data from Benzinga Pro.
ARKB shares closed 2.22% higher at $26.19 during Monday’s regular trading session. Year-to-date, the ETF has dived 12.08%.
ARKB showed a stronger price trend over the short-to-medium term but has lagged over the longer term, according to Benzinga’s Edge Stock Rankings.
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