Are Altcoin Markets About to Rise? Cathie Wood Significantly Reduces Bitcoin ETF Holdings and Shifts to Solana ETF!
TradingKey - Cathie Wood shifts BTC to SOL. Does this hint at an altcoin rally coming?
According to Ark Invest Daily on April 18, Cathie Wood's firm, ARK Invest, sold 39,575 shares of the ARK 21Shares Bitcoin ETF (ARKB) on April 17. This was worth about $3.35 million.
Trading data released by Ark Invest Daily, source: X.
At the same time, ARKW and ARKF funds bought 237,500 shares each of the 3IQ Solana Staking ETF (SOLQ.U). In total, they purchased 475,000 shares, valued at around $4.95 million.
In the past year, Bitcoin (BTC) has seen a 25% increase, while Solana (SOL) has remained flat. ARK Invest's shift suggests they are bearish on Bitcoin but bullish on Solana. This could indicate an upcoming altcoin rally.
BTC and SOL performance, source: CoinMarketCap.
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