Ark Invest of Cathie Wood Purchased Additional GBTC Shares, Bitcoin and Ethereum Rally

Sahaj  |  Jul 21, 2021

ARK Invest of Cathie Wood has recently made a purchase in the Grayscale Bitcoin Trust (GBTC) for its ARK Next Generation Internet ETF on Tuesday. In accordance with the trading records that are published every day, Cathie Wood shows that her persuasion is still strong for putting money in another Bitcoin dip.

ARK Invest of Cathie Wood Invests in Grayscale Bitcoin Trust

In the recently published trading records, ARK Invest of Cathie Wood purchased 140,157 shares of Grayscale Bitcoin Trust (GBTC) for its ARK Next Generation Internet ETF.

This has come following the purchase of 310,000 GBTC shares on Monday by the popular asset management firm.

Talking about the ARK Next Generation Internet ETF, it offers exhibitions to emerging technologies such as artificial intelligence, blockchain, deep learning, and big data, and currently owns 9 million GBTC shares.

In addition to this, it should be noted that the ETF has $234 million worth of Coinbase shares, and it added more exposure to the largest cryptocurrency exchange of America earlier this week.

The biggest holdings of the widely-tracked ETF are Tesla, Twitter, and Shopify. As recently reported, Wood has predicted that the largest cryptocurrency could eventually reach the mark of $500,000 in the long run.

Ethereum Shows Upward Recovery 

Following the pattern of the flagship cryptocurrency, Ethereum also was in a bearish zone and slipped below the level of $1,800. There are some signs of recovery above $2,000.

At present, the price of the cryptocurrency is facing resistance near the level of $1,810. In order to surge from this level, the ETH price needs to jump above the key resistance levels of $1,830 and $1,850. 

In case ETH fails to recover above $1,820 and $1,850, there are chances that the price may continue to fall further and may test the support level of $1,775.

Further losses could set the rate for a drop towards the support zone of $1,650 in the near term.

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