ARK Invest, a major issuer of spot Bitcoin exchange-traded funds in the US, has decided to sell off its Coinbase stock due to Bitcoin's failure to retest $70,000. Cathie Wood's firm, ARK, sold 12,077 COIN shares from its ARK Next Generation Internet ETF on July 31, amounting to $2.7 million. This follows a previous sale of 16,758 COIN shares on July 19. Despite being hesitant initially, ARK has gradually increased its selling of COIN shares this summer. The recent sales are in response to Bitcoin's struggle to surpass $70,000, with ARK's largest sale coinciding with Bitcoin's peak in March. As a significant player in the crypto stock market, COIN's performance closely mirrors that of Bitcoin, both showing impressive returns over the past year. These sales highlight the impact of Bitcoin's price fluctuations on related stocks like Coinbase. Read more AI-generated news on: https://app.chaingpt.org/news