According to ChainCatcher, as reported by The Block, the cryptocurrency market generally declined on Monday, but Cathie Wood's Ark Invest took a contrarian approach, making significant purchases of related stocks. According to transaction documents, Ark purchased $17 million worth of BitMine stock, $16.26 million worth of Coinbase stock, and $10.8 million worth of Circle stock through its three ETFs (ARKK, ARKW, and ARKF), and also added $5.94 million worth of Block and $5.2 million worth of Bullish exchange stock.
All of these cryptocurrencies fell that day: BitMine plunged 11.22%, Coinbase fell 6.37%, and Circle fell 9.60%. Bitcoin fell 4.08% to $85,799, and Ethereum fell 5.74% to $2,931. Wood had predicted earlier this month that inflation could see a real breakthrough next year due to new technological innovations, indicating his long-term bullish view on the cryptocurrency market.
