Tesla drops as the top holding from Cathie Wood's ARKW
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Tesla (NASDAQ:TSLA) loses its top-weighted position inside of Cathie Woodâs ARK Next Generation Internet ETF (NYSEARCA:ARKW). TSLA is now ARKWâs second-largest weighting at 7.45%. Wood, who has been notoriously bullish on TSLA, has made the decision to shift gears slightly and slide the EV maker down a notch.

ARKWâs new number one weighted holding is now Coinbase Global (NASDAQ:COIN), weighted at 7.79%. 
ARKW demonstrates its bullish view on the cryptocurrency world with COIN as its top holding and Grayscale Bitcoin Trust (OTC:GBTC) as its third-largest holding at 6.48%.
ARKW currently finds itself -18.2% in 2022 and off 48.3% from its all-time trading high back on Feb. 12, 2021. Taking a deeper look at ARKW, investors will notice that the ETF is also sitting at a 16-month trading low and has experienced capital outflows YTD.
According to etfdb.com, the exchange traded fund has seen $192.94M exit the door in 2022.
Daily price action: ARKW -0.8%, TSLA -2.9%, COIN -1%, and GBTC +0.6%.
Moreover, Cathie Woodâs ARK Innovation ETF (NYSEARCA:ARKK) trades negatively again on Wednesday. It experienced a washout on Tuesday, with all 44 of its holdings closing to the downside, and ended the session at an 18-month trading low.