Cathie Wood’s ARK Says Bitcoin Short-Term Holders Closed February At 110% Unrealized Profit
By Benzinga
Cathie Wood's Ark Investment Management said in a report that Bitcoin (CRYPTO: BTC) bulls have been on a dominating streak in 2023.
What Happened: According to Ark Invest's "The Bitcoin Monthly" report, the short-term holder (STH) cohort — holders who have transacted in the last 155 days — are sitting on 110% unrealized profit as of the end of February.
The report states that while short-term holders are celebrating unrealized profits, long-term holders (LTH) have yet to realize any profits.
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The Spent Output Profit Ratio (SOPR) of long-term holders currently trades below 1, indicating they are in a loss-making position. If the SOPR reclaims 1 as support, this would further strengthen the bullish momentum and place long-term holders firmly back into realized profit territory.
ARK Invest made a significant addition to its portfolio with the purchase of nearly 50,000 Coinbase (NASDAQ:COIN) shares and over one million shares of Robinhood (NASDAQ:HOOD).
Price Action: At the time of writing, BTC was trading at $21,771, down 1.80% in the last 24 hours, according to Benzinga Pro.
