Ark Invest’s Next Generation Internet ETF reported further share sales on Tuesday. The ETF sold 21,062 shares of Coinbase and 72,509 shares of GBTC, totaling approximately $3.6 million in value based on Coinbase’s closing price of $82.07 and GBTC’s $26.16 on Tuesday. These sales mark the second consecutive day of divestment, following a $5.8 million sale of Coinbase and GBTC shares on Monday.
Crypto Rally Driven by Bitcoin
The recent surge in Bitcoin’s price, with a nearly 20% increase in the past seven days, has triggered growth in other cryptocurrencies and related stocks. Bitcoin is currently trading at approximately $34,200 according to data from CoinGecko.
Market sentiment is growing more optimistic due to expectations of spot Bitcoin exchange-traded funds gaining approval in the U.S., potentially leading to increased investments and price movements. Additionally, the ongoing Israel-Hamas conflict may have prompted institutional investors to diversify their portfolios with Bitcoin as a risk-mitigation strategy, as suggested by analysts.
Galaxy Digital estimates that spot Bitcoin ETFs could attract at least $14.4 billion in inflows in the first year after issuance, with potential increases to $27 billion in the second year and up to $39 billion in the third year.