47 Bitcoin Was A Safe Haven During The Regional Banking Collapse In early 2023, during the historic collapse of US regional banks, bitcoin’s price appreciated more than 40%, highlighting its role as a hedge against counterparty risk. As Regional Banks Collapsed, Bitcoin’s Price Appreciated ~40% KBW Regional Banking Index Bitcoin Price (USD) 120 Silicon Valley, 45,000 Signature, Silvergate, and First Republic 3 110 Bank collapsed 40,000 2 during the regional 0 2 x banking crisis N e I Ind100 35,000 N OI ing C T ank BI B 90 30,000 nal gio Bitcoin Price (USD) e 80 25,000 R W KB 70 20,000 60 15,000 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Sources: ARK Investment Management LLC, 2024, based on data from Bloomberg and Glassnode as of December 31, 2023. For informational purposes only and should not be considered investment advice or a recommendation to buy, sell, or hold any particular security or cryptocurrency. Past performance is not indicative of future results.