ARK Invest Buys $34 Million in Robinhood Shares as Bitcoin Drops Below $66,000 – Crypto Stocks and ETFs Face Renewed Outflows

Key Takeaways

ARK Invest Increases Exposure to Crypto-Linked Stocks During Market Weakness

ARK Invest, led by Cathie Wood, added significantly to its crypto-related equity positions on Wednesday as Bitcoin briefly dipped below $66,000. According to trade notifications, the firm bought 433,806 shares of Robinhood, valued at approximately $33.8 million.

In addition to Robinhood, ARK acquired 364,134 shares of crypto exchange Bullish, worth $11.6 million, and 75,559 shares of Circle, the issuer of the USDC stablecoin, valued at $4.4 million.

All three stocks were trading lower on the day of purchase. Robinhood shares declined nearly 9%, based on TradingView data. The purchases followed a broader period of volatility in digital asset markets and related equities.

ARK did not add to its Coinbase position. The firm had sold $17 million worth of Coinbase shares the previous week and refrained from new purchases during the latest round of buying.

Robinhood Becomes Largest Crypto Position in ARK Innovation ETF

Following the latest transaction, Robinhood stands as the largest crypto-linked holding in ARK’s flagship ARK Innovation ETF (ARKK). As of Feb. 11, the position accounted for approximately 4.1% of the fund’s portfolio, representing about $248 million.

The increased allocation comes shortly after Robinhood announced the official testnet launch of Robinhood Chain. The company described the project as a permissionless layer 2 blockchain designed for financial services and tokenized real-world assets.

Earlier in the week, Robinhood reported financial results for the fourth quarter of 2025. The company posted net revenue of nearly $1.28 billion, reflecting a 27% year-over-year increase. However, the figure fell short of Wall Street expectations of $1.34 billion. Following the earnings release, the stock declined about 8%.

The combination of earnings results, blockchain development announcements, and broader crypto market movements contributed to heightened volatility in Robinhood shares.

Bitcoin ETFs See $276 Million in Outflows as Prices Weaken

The broader weakness in crypto markets extended to US spot Bitcoin exchange-traded funds. After a three-day streak of inflows, Bitcoin ETFs recorded $276.3 million in net outflows on Wednesday, according to SoSoValue data.

These outflows nearly erased weekly gains. Net inflows for the week stood at $35.3 million following the latest withdrawals. Total assets under management across US spot Bitcoin ETFs declined to $85.7 billion, marking the lowest level since early November 2024.

Ether ETFs also experienced negative flows, with $129.2 million in daily outflows. XRP funds reported no inflows, while Solana ETFs posted modest net inflows of approximately $0.5 million.

At the time of publication, Bitcoin was trading at $67,227, up 0.4% over the previous 24 hours, according to CoinGecko data. The brief move below $66,000 occurred during a period of sustained volatility in crypto investment products.

Recent Outflow Trends in Crypto Investment Products

The latest ETF withdrawals follow three consecutive weeks of outflows from crypto investment products totaling more than $3 billion. Analysts had previously pointed to the possibility of an inflection point after a short period of renewed inflows, but the most recent data shows that momentum has not yet stabilized.

The renewed outflows reflect ongoing sensitivity in institutional and retail investment vehicles tied directly to Bitcoin and other digital assets. For users monitoring crypto exposure through regulated financial products, ETF flows serve as an indicator of capital movement and investor positioning.

The decline in ETF assets under management and the simultaneous drop in crypto-linked equities highlight how closely public market instruments remain tied to underlying digital asset prices.

Our Assessment

ARK Invest increased its exposure to Robinhood, Bullish, and Circle as Bitcoin briefly traded below $66,000 and crypto-linked stocks declined. Robinhood now represents the largest crypto-related position in ARK Innovation ETF. At the same time, US spot Bitcoin ETFs recorded significant net outflows of $276.3 million, reducing weekly gains and bringing total assets under management to their lowest level since November 2024. The data shows concurrent weakness across digital assets, exchange-traded funds, and publicly traded crypto companies.

Ethereum Drops Below $2,000 as Accumulation Addresses Absorb $2.6 Billion in ETH

Key Takeaways

Ether Falls Below $2,000 as Majority of Addresses Turn Unprofitable

Ether is trading below the $2,000 mark after declining 38% over the past month. At around $1,954, the cryptocurrency stands 60.5% below its all-time high of $4,950. The recent move lower has pushed a majority of Ethereum holders into unrealized losses.

Data shows that only 41.5% of Ethereum addresses are currently in profit, while more than 58% are holding at a loss. The drop has also placed the market price below several widely watched reference points, including the average entry price of accumulation addresses and the estimated cost basis of spot Ethereum ETF investors.

The average realized price for accumulation addresses is approximately $2,580. With ETH trading below that level, long-term holders categorized under these addresses are also under pressure. Similarly, the estimated average cost basis for spot Ethereum ETF investors stands near $3,500, placing those positions significantly underwater at current market levels.

One example of exposure to the downturn is BitMine, described as the world’s largest Ethereum treasury linked to investor Tom Lee. The company’s paper losses have reportedly grown to more than $8 billion as prices declined.

Accumulation Addresses Receive 1.3 Million ETH in Five Days

Despite the price weakness, blockchain data indicates increased inflows into so-called accumulation addresses. These wallets continuously receive ETH and do not make outgoing transactions. They are typically associated with long-term holders, institutional entities, or investors pursuing a buy-and-hold strategy rather than active trading.

Over a five-day period, accumulation addresses absorbed 1.3 million ETH, valued at approximately $2.6 billion at current prices. According to CryptoQuant analyst CW8900, this phase of “full-scale accumulation” began in June 2025 and has recently intensified.

The total ETH balance held by these accumulation addresses has now reached a record 27 million. That represents a 20.36% increase so far in 2026, even as Ether’s price has declined 34.5% during the same period.

Historical data referenced in the report shows that large spikes in inflows to accumulation addresses have previously preceded price rebounds. On June 22, 2025, these addresses recorded a then all-time high daily inflow of more than 380,000 ETH. Nearly 30 days later, Ether’s price had risen by almost 85%. A similar inflow spike in November 2025 was followed by a 25% rally.

ETF Investors Face Deeper Drawdowns Than Bitcoin Counterparts

The recent decline has also affected investors who gained exposure through exchange-traded funds. With ETH trading below $2,000, the market price is well under the estimated average ETF entry point of around $3,500.

According to Bloomberg senior ETF analyst James Seyffart, Ethereum ETF holders are currently in a weaker position compared to Bitcoin ETF investors. The data suggests that ETF exposure has not insulated investors from the broader downturn in Ether’s price.

The market price falling below both accumulation address cost bases and ETF averages highlights the scale of the recent correction. It also underscores the gap between current valuations and the levels at which significant volumes of ETH were previously acquired.

Technical Levels to Watch Below the $2,000 Threshold

With Ether trading under the $2,000 psychological level, analysts are focusing on additional support zones. One identified range lies between $1,800 and $1,850. If the market does not reclaim $2,000, further downside levels cited include $1,500.

On a broader timeframe, some chart-based assessments point to the possibility of a retest of the $750 to $1,000 range, based on historical monthly price action.

Onchain data from Glassnode’s UTXO realized price distribution provides additional insight into where large clusters of previous buying activity occurred. Below $2,000, key levels are identified at $1,880, $1,580, and $1,230. These price bands represent areas where significant amounts of ETH last changed hands and may act as areas of interest for market participants.

Previous reporting also referenced potential downside targets of $1,750 and $1,530 after Ether failed to hold above $2,100.

Our Assessment

Ether’s decline below $2,000 has left the majority of addresses in unrealized losses and placed the market price beneath the average entry levels of both accumulation addresses and ETF investors. At the same time, onchain data shows sustained and increasing inflows into long-term holding wallets, pushing their combined balance to a record 27 million ETH. The coexistence of falling prices and rising accumulation highlights a divergence between short-term market performance and long-term positioning among certain holder groups.

Key Takeaways

Ledger, the French digital asset security company known for its hardware wallets, has added decentralized exchange functionality to its Wallet app through an integration with OKX DEX. The update allows users to swap tokens directly within the Ledger ecosystem while keeping private keys secured on their physical devices.

The development reflects ongoing efforts by wallet providers to embed decentralized finance tools into self-custodial products, reducing the need for users to interact with multiple third-party platforms. For users managing crypto assets independently, the integration changes how token swaps can be executed without leaving the wallet environment.

How the OKX DEX Integration Works Inside Ledger Wallet

According to information provided by Ledger, the integration gives Wallet app users access to OKX DEX liquidity aggregation directly from the application interface. OKX DEX operates as a decentralized exchange aggregator, routing trades across multiple onchain liquidity sources rather than relying on a single exchange.

The routing process uses OKX DEX’s proprietary X-Routing technology. This system aggregates liquidity from hundreds of decentralized exchanges and determines execution paths for token swaps. Ledger stated that this process occurs without users needing to open external decentralized exchange websites or applications.

All transactions are signed on the Ledger hardware device itself. Private keys do not leave the device at any stage of the process. This design maintains Ledger’s core security model while adding decentralized trading functionality.

Supported Networks and Current Swap Limitations

At launch, the integration supports token swaps on six blockchain networks: Ethereum, Arbitrum, Optimism, Base, Polygon, and BNB Chain. These networks are accessible within the Ledger Wallet app for supported users.

Ledger clarified that cross-chain swaps are not available at this stage. Users can only swap tokens within the same supported network. In addition, cross-seed swaps are not enabled. These limitations define the current scope of the feature and set boundaries on how assets can be exchanged through the integrated DEX.

OKX DEX, as described by Ledger, operates separately from OKX’s centralized exchange. The DEX aggregator is part of the broader OKX ecosystem but routes trades exclusively through onchain liquidity venues.

Rollout Schedule and User Availability

The OKX DEX integration is being rolled out gradually. A Ledger spokesperson told Cointelegraph that approximately 20% of Ledger Wallet users are gaining access starting today. The company did not specify criteria for user selection during the initial phase.

No firmware update or application update is required to use the new functionality. This indicates that the feature is being enabled server-side or through existing Wallet app infrastructure. Ledger has not provided a timeline for when the remaining user base will receive access.

Context Around Ledger’s Broader Business Developments

The integration comes amid reports that Ledger is exploring a potential initial public offering in the United States. In January, multiple reports indicated that the company was in early discussions with investment banks including Goldman Sachs, Jefferies, and Barclays, with a possible valuation exceeding $4 billion.

Ledger has not confirmed these reports. However, the discussions were reported as part of a broader trend involving crypto-related companies considering public listings. Other firms referenced in recent coverage include tokenization platform Securitize, digital asset custodian Copper, and U.S.-based crypto exchange Kraken.

While these developments are separate from the OKX DEX integration, they provide context for Ledger’s position within the digital asset industry as it expands its product offerings and explores strategic options.

Relevance for Users Managing Crypto Assets Independently

For users who rely on hardware wallets for asset security, the integration alters how decentralized token swaps can be performed. Instead of moving assets to browser-based wallets or connecting to third-party DEX interfaces, swaps can now be initiated from within the Ledger Wallet app itself.

The feature is designed to preserve self-custody while providing access to aggregated onchain liquidity. This may affect how users compare wallet functionality, especially when evaluating tools that combine asset storage and decentralized trading features in a single interface.

Our Assessment

Based on the available information, the integration of OKX DEX into the Ledger Wallet app represents an expansion of on-device functionality while maintaining hardware-based custody. The rollout introduces multichain token swap access across six networks, with clear limitations around cross-chain functionality. The development aligns with Ledger’s stated security model and occurs alongside reported discussions about potential public market activity, though those reports remain unconfirmed by the company.