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Cathie Wood's Ark Invest sold 526,991 shares of Block Inc. in the past two trading days, according to the company's latest transaction documents. ARKK dumped 203,659 shares of Block on Tuesday and another 323,332 shares on Monday. Block's stock price rose by 1% at Tuesday’s close to $55.29. The payment company led by Jack Dorsey has seen its share price fall by 36% so far this year. Block Inc operates several businesses that play a key role in the cryptocurrency field, including its famous subsidiary Cash App. According to The Block's stock dashboard, this mobile payment service allows users to transfer money and participate in buying and holding Bitcoin.

On March 12, Joel Kruger of LMAX Digital believes that the current weakness in the crypto market is "more due to a sell-off effect after news realization and technical over-adjustment, rather than other factors." But of course, there are many more factors at play. The uncertainty about the US economic outlook has triggered market risk aversion. Despite this, Kruger still believes that Bitcoin is nearing its bottom and expects a rebound in the second quarter. In the previous resistance range between $69,000 and $74,000, Bitcoin "should receive strong support". Kruger had previously stated that Bitcoin's "store of value" narrative may help it break away from its 'misleading' correlation with traditional risk assets.