Bitcoin Volatility Drops To New Lows. Bitcoin annualized volatility is currently around 27.18% as Ark Invest warms on crypto stocks.
According to the most recent disclosures made by the fund, Cathie Wood’s Ark Invest purchased shares in Coinbase, Block, and Robinhood.Over the past day, bitcoin and ether have both dipped slightly lower since the volatility of the former is currently at a level not seen since July 2020.
Recently, price movement in the cryptocurrency markets has been very quiet. According to CoinGecko data, ether dropped 0.6% in the same time frame to trade at $1,343 while bitcoin was trading at $19,285 today, down 0.8% for the day. Because of the lack of fluctuation in price, bitcoin volatility has fallen to new lows.
The Block’s statistics dashboard shows that the annualized bitcoin volatility is currently 27.06%, which is the lowest level since July 2020, when it dropped as low as 23.37%. (In this context, volatility is defined as the standard deviation of the daily percentage change in the price of bitcoin over the previous 30 days.)AAVE and XTZ were also added to Robinhood on Monday. Both increased after the news but later gave up their gains, with Aave’s token declining significantly over the past day.
According to CoinGecko, AAVE was trading at $82.06 at the time of writing, down 5.6% from the previous day, while Tezos’ token remained steady at $1.36.On Monday, the price of Coinbase stock rose slightly to $66.39, Block stock ended the day at $56.99, and Robinhood stock last traded at $10.21.Based on the price at the closing, the acquisition of 4,917 Block shares by the Ark Next Generation Internet ETF was worth just over $280,000.
Additionally, 16,503 Robinhood shares worth approximately $168,000 were added to the fund. The firm’s website states that Block shares make up 6.18% of the fund while Robinhood makes up just 3.31%. Additionally, the Ark Fintech Innovation ETF purchased 5,291 Robinhood shares for just over $50,000, 10,880 Coinbase shares worth around $722,000, and 3,183 Block shares.
Block now accounts for 9.18% of the fund, Coinbase for 8.12%, and Robinhood for 6.39%.As the share price of the exchange fell in July, Ark sold more than 1.4 million shares. On November 8, Coinbase will release details of its third-quarter earnings. According to the company’s second-quarter earnings call, expectations are low. On November 9, Jack Dorsey’s Block will announce its third-quarter earnings, while Robinhood will do so on November 2.
