Bitcoin ETF Outflows Surge as ARK Invest Transfers $94M BTC to Coinbase
A notable transfer of 1,097 BTC, valued at $94 million, was recently made to Coinbase, originating from an address linked to ARK Invest's Bitcoin ETF (ARKB). This movement comes amid substantial outflows from Bitcoin ETFs, totaling $145.58 million in the past 24 hours, with ARKB alone accounting for 1,027 BTC in outflows.
These outflows indicate that investors are selling their ETF holdings, prompting issuers like ARK Invest to liquidate underlying Bitcoin assets, potentially explaining the transfer to Coinbase. Interestingly, Bitcoin's price has risen 5% this week, highlighting a contrasting trend between the cryptocurrency's gains and ETF withdrawals.
The interplay between Bitcoin's price movement and ETF outflows raises a crucial question: Does the Bitcoin price increase drive ETF selling, or do ETF outflows influence Bitcoin's price? This dynamic is pivotal for understanding current and future market trends.
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