According to a report by Bitcoin.com News, Ark Invest recently sold off more than $19 million worth of Coinbase shares. This move came amid a sharp drop in Bitcoin's price, which fell close to $60,000, raising questions about institutional confidence in the market.
Details of the Sale
Around 119,236 shares of $COIN were sold by Ark Invest during the recent market downturn, signaling a shift in the firm’s approach to its crypto-related investments.
- Total value of the sale: $19 million
- Shares sold: 119,236
- Timing: During Bitcoin’s dip to nearly $60,000
Market Reaction
Following the news, Coinbase’s stock experienced volatility, and investor sentiment was shaken. Analysts noted that while institutional moves can reflect broader market sentiment, they don’t always indicate long-term trends.