ARK Invest Cuts Over $27.2 Million in Coinbase Shares Yesterday
Cathie Wood's Ark Invest sold another 106,000 shares of Coinbase stock valued at $27.2 million on Tuesday, according to the company's most recent trading document.
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"After a magnitude 7 earthquake, there will certainly be aftershocks"? After major AI losses in July, hedge funds suffered another heavy blow on Wednesday.
According to data from Goldman Sachs, systematic long-short funds experienced a single-day decline of 1.4% on Wednesday, while the Morgan Stanley "Pure Momentum" Index saw its first single-day drop of over 4% in five years. The trigger was the U.S. Treasury expanding bond purchases and a skyrocketing share price of Moderna. Industry insiders compared the current predicament to "aftershocks following a magnitude 7 earthquake," with all parties simultaneously deleveraging and reducing risk exposure, which is intensifying market volatility and creating a negative feedback loop.
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