Benzinga - by Johnny Rice, Benzinga Staff Writer.
Coinbase (NASDAQ:COIN), the largest crypto exchange in the US, saw a massive movement of Bitcoin out of its coffers this week. On Monday, numbers released by the company showed an outflow of about 18,000 BTC worth $924,253,200 million as of today, Feb 21st.
This movement leaves the exchange with 390,000 bitcoins, or about $20 billion. This is the lowest amount of bitcoin reserves Coinbase has held since 2015.
There is little reason to be alarmed, however. This is most likely funds being moved to set up new custodial wallets or provide funding for OTC transactions.
Some see this as a potentially bullish sign. Large movements of Bitcoin off of central exchanges ahead of this spring's "Halving" could be happening in anticipation of a price surge.
COIN Coinbase itself sems to be doing just fine. The company has reported strong financials. After a challenging 2022, Coinbase returned to a positive net income and EBITDA. It was able to increase revenues while cutting expenses by about $1 billion.
With all the hype surrounding a new crypto bull market, Coinbase seems poised for a strong 2024.
ARK Cathie Wood remains bullish on Coinbase and crypto at large. The fund manager was instrumental in the approval of spot BTS funds; the ARK 21Shares Bitcoin ETF (NYSE:ARKB) was one of the very first of its kind to list.
COIN remains Wood's largest holding in her flagship ARK Innovation ETF (NYSE:ARKK), making up 9.70% of the fund. That's more than Tesla (NASDAQ:TSLA) or Roku (NASDAQ:ROKU).
Max View Traders bullish on Wood and her fund can buy the ETF directly or for those who want to maximize their view further, leveraged funds can help. For example, the award-winning AXS 2X Innovation ETF (NASDAQ:TARK) aims to return twice the daily return of ARKK.
And for traders not buying what Wood is selling, AXS offers an option for the bears. The AXS Short Innovation Daily ETF (NASDAQ:SARK), which aims to return the inverse performance of ARKK, can be an attractive option.
TARK was just awarded Best ETF Launch at Benzinga's 2023 Fintech Awards. The innovative fund was launched in May of 2022 and the care and skill with which the fund is operated is clear.
Photo by Kanchanara on Unsplash.
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