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Wood’s ARKK Is Epicenter of Market Rout as ETF Nears Covid Low

  • ARKK plunged more than 10% on Wednesday amid five-day slide
  • Fund bought more COIN as selloff battered crypto industry

Cathie Wood’s flagship fund is in danger of plunging below its lowest close in the pandemic crash, threatening another ignominious milestone for the ETF at the heart of a market backlash against speculative tech.

A day after its third-worst performance on record, the ARK Innovation ETF was 2.8% lower as of 8:22 a.m. Thursday in early trading in New York. The exchange-traded fund is now around 3.4% away from its close in the March 2020 rout, when the global spread of Covid-19 triggered a historic market-wide crash.