Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
Tesla Inc (NASDAQ:TSLA)-heavy exchange-traded fund ARK Innovation ETF (NYSE:ARKK) saw record inflows amounting to $124 million on Wednesday, data compiled by Bloomberg indicates.
What Happened
Investors have so far pumped in nearly $3.1 billion into the ETF this year, taking its total assets to $7.4 billion, according to Bloomberg.
The “disruptive-innovation” fund invested 10% of its total asset value in the Elon Musk-led automaker as of Aug. 19.
Other noteworthy investments in terms of total asset value were InVitae Corp (NYSE:NVTA) at 7.3%, Square Inc (NYSE:SQ) at 6.6%, and Roku Inc (NASDAQ:ROKU) at 4.6%.
Why It Matters
The Cathie Wood-managed fund is benefiting as traders look to bet on new technologies, Bloomberg noted.
The actively managed ETF has returned 77.4% year-till-date, while its largest holding Tesla has returned nearly 378% YTD.
On Thursday, the Elon Musk-led automaker’s shares spiked sharply by 6.2%, briefly crossing $2,000 levels, reportedly due to strange option trading activity.
Square, another large holding, has rallied nearly 150% as the Jack Dorsey-led company’s Cash App profits were buoyed by Bitcoin revenues.
Price Action
ARK Innovation ETF closed 0.7% higher at $89.48 a piece on Thursday.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
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