"The Q2 report hasn't come out yet, but it's time for Wood to act."
After selling millions of shares of Coinbase (COIN) and Robinhood (HOOD) continuously, Ark Invest founder Cathie Wood expects its second quarter financial report to be weaker than expected.
Since its price broke through $100 to hit a 52-week high, ARK Next Generation Internet ETF (ARKW) reportedly sold 1,055 COINs worth $105,000 on July 31, 2023.
Coinbase will announce its second quarter results on August 3, 2023, where previously the results declined after seeing a significant drop in trading volume as the United States (US) regulators cracked down on the crypto market.
Not only that, Wood for the first time since January this year also sold around 373,175 HOODs worth $4.8 million on July 31, 2023 even though Robinhood expects its second quarter financial report to be higher than last quarter.
By observation, COIN price slipped by 3.17% at $95.48 on August 1st yesterday while HOOD shares recently closed 1% higher at $12.86 but fell slightly today.
There is no denying that the sentiment for BTC's price increase remains positive, but Ark Invest is still considering the impact of the lawsuit between Coinbase and the Securities and Exchange Commission (SEC).
So here it can be seen that Wood views the cryptocurrency market to see a decline in the next few weeks following the earnings report, but at the same time he is still bullish on Bitcoin (BTC).
The price of BTC seems to have currently managed to reach $30,000, so analysts predict that the digital asset can cross $35,000 this month.
