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According to <a href="https://x.com/ArkhamIntel/status/1829187315887157565">data</a> provided by Arkham Intelligence, Ark Invest, the asset management company run by famous stock picker Cathie Wood, bled $100 million worth of Bitcoin on Aug. 28.&nbsp;
Ark Invest continues to hold roughly $2.6 billion worth of Bitcoin after the most recent outflows.&nbsp;
The analytics firm has suggested that ARK 21Shares Bitcoin ETF (ARKB) buyers might have decided to cash out at the bottom.&nbsp;
ARKB was responsible for the vast majority of outflows that were recorded yesterday.&nbsp;&nbsp;
On Aug. 28, the price of the leading cryptocurrency dropped to as low as $57,866 on the Bitstamp exchange. According to Glassnode co-founders Jan Happel and Yann Allemann, the post-weekend drawdown was caused by the US equities being in the red. They noted that Bitcoin's intraday correlation with the S&amp;P 500 recently experienced a significant increase.&nbsp;
When it comes to the options market, risk reversals are skewed towards puts for both Bitcoin and Ethereum, meaning that traders remain cautious.&nbsp;
The widely expected September rate cut is expected to be a significant market catalyst, according to various market experts. However, a bigger-than-expected rate cut could cause significant market volatility.&nbsp;
Earlier today, Bitcoin managed to reclaim the $60,000, but it has now pared some of its gains.&nbsp;
<h2 id="uber-bullish-predictions">Uber-bullish predictions&nbsp;</h2>
As <a href="https://u.today/shocking-38-million-bitcoin-btc-price-target-announced-by-cathie-wood">reported by U.Today</a>, Ark Invest CEO Cathie Wood has repeatedly shared uber-bullish Bitcoin price predictions.&nbsp;
In March, the famed stock-picker forecasted that the price of the leading cryptocurrency could surge to as high as $3.8 million in the long term due to growing institutional adoption.&nbsp;

Bitcoin Recovers After Ark Invest's $100 Million Sale

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