Cathie Wood Reveals Why She SOLD Off Her Entire Bitcoin Holdings – Bitcoin ETF (2024)

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Over the last week of 2023, Cathie Wood & ARK Invest did something shocking.

They sold off their entire Bitcoin position, which they were holding in the Grayscale Bitcoin trust.

This was well over $100 million dollars worth of exposure to Bitcoin.

For ARK Invest & Cathie Wood, this seems insane, as they have been Bitcoin’s biggest advocate, with price targets in 2030 of 1.4 Million dollars.

So why would they sell?It all comes down to the coming Bitcoin ETFs. B

loomberg Analyst Eric Balcunhaus believes Cathie Wood sold off their Bitcoin in preparation for the approval of a spot Bitcoin ETF.

ARK Invest have a pending application, so it’s believed they are going to use the money they had in the Grayscale trust, to SEED the first investment in their own Bitcoin ETF.

By doing this, they will hopefully attract more investors into their specific ETF.

In Cathie’s latest interview, she breaks down why she ended up selling & also gives her outlook for Bitcoin in 2024.

Make sure to stick around to the end of the video where she explains why ARK Invest is expecting to see Deflation over the course of 2024, which will be extremely bullish for Innovation & Crypto in general.

About Cathie Wood:

Catherine Duddy Wood is an American investor and the founder, CEO and CIO of Ark Invest, an investment management firm.

CREDITS:

To watch the full un-edited interview featured (and subscribe to a great finance resource!) check out:

ARK Invest

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Cathie Wood Bitcoin Prediction: “People Have NO IDEA What’s Coming…” (Time To BUY)

Cathie Wood Reveals Why She SOLD Off Her Entire Bitcoin Holdings – Bitcoin ETF (2024)

We’re as optimistic about uh Bitcoin as we ever have been um but there were there are a few Regulatory and tax uncertainties uh and uh we had been waiting for the discount uh between uh gbtc and nav to to narrow it was as high as 50% at one point last year when there

Was great uncertainty around all of the turmoil in crypto generally and now it a single digit uh and there are now other products out there that uh we can use to gain exposure to Bitcoin in this moment and it’s just a moment of uncertainty between now we think and um January

January 8th to 10th somewhere in that range perhaps uh but we out of an abundance of caution didn’t want to take any risk over the last week of 2023 Kathy Wood and Arkin best did something shocking they sold off their entire Bitcoin position which they were holding

In the grayscale Bitcoin trust this was well over $100 million worth of exposure to bitcoin for Arin bestest and Kathy Wood this seems insane as they have been bitcoin’s biggest Advocate with price Targets in 2030 of $1.4 million so why would they sell and it all comes down to

The coming Bitcoin ETFs Bloomberg analyst Eric balcon housee believes Kathy Wood sold off their Bitcoin in preparation for the approval of a spot Bitcoin ETF Aran bestest have a pending application so it’s believed they you’re going to use the money they had in the grayscale trust to see their first

Investment in their own Bitcoin ETF by doing this they will hopefully attract more investors into their specific ETF in Kathy Wood’s latest interview she breaks down why she ended up selling and also gives her outlook for Bitcoin in 2024 make sure to stick around to the

End of the video where she explains why Arkin best is expecting to see deflation over the course of 2024 which will be extremely bullish for Innovation and crypto in general also guys if you want to stay most up to date on the crypto and Bitcoin World make sure to subscribe

To my daily 5minute crypto newsletter it gives the latest expert predictions any breaking news and top onchain analyses all in a nutshell click the first link in the description to join Over 40,000 others in becoming a better crypto investor right now now here’s Kathy Wood on why she sold as I mentioned before

There are some uh tax and regulatory uncertainties still as part of this process uh we don’t know exactly who’s going to be approved and uh and whether they’ve met all the uh criteria that the SEC has put before us uh we know we have uh but uh we don’t know if others

Including gbtc have we just we just don’t know uh so so again out of an abundance of caution and gbt’s discount again it was a much as 50% relative to nav so not only have we enjoyed this year the run in Bitcoin itself but we’ve had the nice closing of that discount so

It’s been uh you know double good news for us well we think the probabilities have gone up because the SEC has been highly engaged compared to what was happening before before it was just denying approval denying approval uh and we just kept putting our uh filing in

Again you know try and try try try you know AED and determined and uh so here we are we think we’re we’re first in line and that’s why there is this uh January 10th deadline um but we like the idea that the SEC has been so engaged

And it’s not just with us it’s others as well we think a number of uh uh a number of funds could be approved at the same time uh and they’ve been asking not only one set of questions but follow-up questions and uh again that’s a very good sign the last few questions have

Been very technical and uh and so more Durer and you know you’d expect them to be asking these questions as we head toward an approval now it’s not 100% certain and uh so we want to make that clear as well um this is the SEC and uh

We never know you know what might happen along the way uh well you know we are very happy that a couple of things have happened uh that this idea that interest rates were going to continue moving higher uh has been proven Incorrect and uh I think

Even the FED while there is that small possibility even the FED is now starting to talk about the other side of the interest rate move and so I I do believe all we’ve seen so far is a reaction to that macro phenomenon or or judgment call um we went through our our Flagship

Strategy and all of our strategies went through a very difficult time from February 21 through December of 22 as interest rates first of all were presumed uh to move up or forecasted to move up and then when they did move up so it was almost like a double

Discounting and so we’ve seen the first installment of um the the uh the correction there to the upside for our funds uh with this notion and it’s again the forecast that interest rates will come down and you know we we would presume that if they do come down uh for

The reasons we think they’re going to come down the most important one being deflation then our funds will uh be in good shape because we are very uh our our companies uh thrive on deflation technologically enabled Innovation is deflationary well we put up a chart uh

In one of our in the in the node which is a a YouTube video that I do every every month employment Friday and in that chart you will find uh a a ratio it’s the metals uh to gold ratio so Metals price to gold price uh and there

Has been an extremely tight correlation between that ratio and long-term interest rates in October we we published it or early November and what you will see is that there was a very wide Gap that had developed the metals to gold ratio was near its low for the

Past 12 15 years and interest rates were at their highs uh 5% the correlation if you just eyeballed that chart the correlation suggested that rate should go to 2% now maybe they won’t go all the way to 2% but we think that long-term interest rates are way above where

They’re going to end up because of deflation uh well uh now that we’ve had this very nice run this year um we think the answer to that question is in the private markets they’re close they’re close what’s fascinating to us is that the public markets have been leading the

Private markets for the past three years as our funds were uh were falling in 21 uh private evaluations were going to all-time highs along with the NASDAQ they were taking their cues I suppose from the NASDAQ but real Innovation if you looked at our portfolios uh was

Starting to um revalue to the downside and even more so in 2022 we are still seeing major down rounds taking place in the private markets and I’m always surprised at at this sort of thing because you would think that the private markets lead the public markets that has

Not been the case in the last few years so there’s Kathy Wood and it’s clear that their strategic move to sell off their entire Bitcoin position valued at over $100 million marks a significant pivot in their investment strategy the Bold decision particularly surprising given Ark invest historical advocacy for

Bitcoin with price targets of 1.4 Million by 2030 raised many questions but Kathy’s explanation tied to the anticipation of Bitcoin ETFs particularly a spot Bitcoin ETF sheds light on this strategic shift with them selling out and preparing for an ETF launch they must have near 100% confidence in an approval her insights

Into the expected deflation over the course of 2024 and its bullish implications for Innovation and the crypto Market are particularly noteworthy before we go a quick reminder for those who are keen on staying updated in the fastpaced world of crypto and Bitcoin consider subscribing to my daily 5minute crypto newsletter it’s a

Concise resource for the latest Expo predictions breaking news and top on chain analysis trusted by over 40,000 subscribers for insightful crypto investment information click the first link in the description to join our community and elevate your crypto investment knowledge today anyway guys hope you all enjoyed today’s video and

That provided you with some value I’ll see you all in the next one and as always all the best