The Ark Invest company run by Cathie Wood sold 2,046 Coinbase shares worth about $450,000 before the exchange reported its Q2 earnings.
Coinbase’s trading volumes have decreased as a result of this move, which comes after a decline in the price of Bitcoin and a bad feeling in the market. Over the previous half year, the stock moved between $230 on average.
The Crypto Fear and Greed Index fell from 70 (greed) to 25 (extreme fear), with Bitcoin and other cryptocurrencies reaching their lowest levels since February. The index was based on people’s fear of the cryptocurrency market.
In spite of this, there is hope on a rebound owing to the possibility of rate decreases by the Federal Reserve in September. It is common knowledge that the third quarter is a quiet period for cryptocurrency markets, which explains the current selloff of ARKF.
In spite of these transactions, Coinbase continues to be ARKF’s most valuable position, accounting for 10.28% of the company’s assets.
On August 1, Coinbase will release its financial report for the second quarter, and the decrease in COIN shares implies that investors are concerned about the report. The general opinion among analysts is that earnings per share will fall by 31% to $1.06.
Even though sales and net profits have been on the rise for the last three quarters, the outlook is still cautious. In spite of the fact that it ended the week at $218.02, the price of COIN has dropped by 12% over the course of the last month owing to the unfavorable mood of the market.
Also Read: Coinbase Warns: The Crypto Market’s Rollercoaster Expected to Continue
