Bitwise Bitcoin ETF (NYSEARCA:BITB) Trading Down 6.6% – What’s Next?

Bitwise Bitcoin ETF (NYSEARCA:BITB) shares traded down 6.6% during mid-day trading on Monday . The company traded as low as $41.17 and last traded at $42.69. 1,209,983 shares traded hands during mid-day trading, a decline of 40% from the average session volume of 2,005,859 shares. The stock had previously closed at $45.69.

Bitwise Bitcoin ETF Stock Performance

The firm’s 50 day simple moving average is $49.26 and its 200 day simple moving average is $47.28.

Institutional Trading of Bitwise Bitcoin ETF

Institutional investors have recently added to or reduced their stakes in the company. Sanctuary Advisors LLC bought a new position in Bitwise Bitcoin ETF in the 3rd quarter worth about $341,000. Brookstone Capital Management boosted its holdings in shares of Bitwise Bitcoin ETF by 48.9% in the fourth quarter. Brookstone Capital Management now owns 17,413 shares of the company’s stock valued at $885,000 after purchasing an additional 5,720 shares during the period. Gunderson Capital Management Inc. grew its stake in Bitwise Bitcoin ETF by 16.2% in the fourth quarter. Gunderson Capital Management Inc. now owns 7,891 shares of the company’s stock worth $401,000 after purchasing an additional 1,100 shares in the last quarter. Avior Wealth Management LLC increased its holdings in Bitwise Bitcoin ETF by 52.1% during the 4th quarter. Avior Wealth Management LLC now owns 3,042 shares of the company’s stock worth $155,000 after purchasing an additional 1,042 shares during the period. Finally, Signaturefd LLC raised its position in Bitwise Bitcoin ETF by 819.7% during the 4th quarter. Signaturefd LLC now owns 1,214 shares of the company’s stock valued at $62,000 after purchasing an additional 1,082 shares in the last quarter.

Bitwise Bitcoin ETF Company Profile

The Bitwise Bitcoin ETF Trust (BITB) is an exchange-traded fund that mostly invests in long btc, short usd currency. The fund is a passively managed fund that seeks to track the price performance of spot Bitcoin (BTC). It will hold Bitcoin directly, secured through a multi-layer cold storage wallet. BITB was launched on Jan 10, 2024 and is issued by Bitwise.