NEW: Ark Invest sells 💵 $7.76M worth of its $ARKB Bitcoin E | Laraxen on Binance Square

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NEW: Ark Invest sells 💵 $7.76M worth of its $ARKB Bitcoin ETF shares for the first time since its launch. 
This aligns with their diversification strategy of limiting holdings to 10% of an ETF's portfolio. 
$ETH $BTC #BTCETFS 

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Philadelphia Fed's crypto report reveals the contradiction in the market The Philadelphia branch of the Fed has published a study on whether changes in cryptocurrency prices affect the ownership rate. The study concluded that the ownership rate decreased significantly during the period when prices fell, but prices did not increase at the same rate during the period when they rose. A study conducted by the Fed's Philadelphia branch concluded that there was a disconnect between price movements in the cryptocurrency market and cryptocurrency ownership. “Do Price Changes Affect Crypto Ownership Rate?” In the study titled, while there was a significant decrease in cryptocurrency ownership and purchase interest, especially during the “crypto winter” in 2022, it was noted that the subsequent recovery was not reflected in ownership rates to the same extent. The research was conducted with information collected from six different surveys about cryptocurrency ownership. In the report, written by Tom Akana, who works as a senior research associate at the Fed, "When we compared the survey results with the performance of the cryptocurrency market, we observed a disconnect between prices and ownership in the last two years. Although we saw a clear decline in both ownership and acquisition interest during the 'crypto winter' in 2022, the recent growth in the market was not accompanied by an increase in ownership," he said. On the other hand, it was emphasized that despite this situation, the increases in prices increase the possibility of more people buying crypto in the future. The chart below shows ownership rates (yellow) at the price of Bitcoin (blue). As can be understood from this, despite the increase in Bitcoin since October 2023, the ownership rate is not increasing and even decreases from 17.1 percent to 14.7 percent.

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Hayes, which issued a 50 thousand dollar warning for Bitcoin, closed its short position Arthur Hayes, who recently warned that Bitcoin could fall below 50 thousand dollars, announced that he closed his short position. Arthur Hayes, wrote that he closed his short position in Bitcoin. Stating that he made a profit of 3 percent from his position, Hayes stated that Bitcoin may gain upward momentum due to expectations that dollar liquidity will increase. Hayes also drew attention to the statement made by US Treasury Secretary Janet Yellen yesterday that things are going well in the economy and a soft landing was carried out. “It was truly incredible to be able to significantly reduce inflation while maintaining strong growth,” Yellen said. This is a situation that most people call a soft landing," he said.

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