Bitwise Bitcoin ETF (NYSEARCA:BITB) Shares Gap Down – Should You Sell?

Shares of Bitwise Bitcoin ETF (NYSEARCA:BITB) gapped down before the market opened on Tuesday . The stock had previously closed at $51.15, but opened at $48.49. Bitwise Bitcoin ETF shares last traded at $47.19, with a volume of 645,607 shares trading hands.

Bitwise Bitcoin ETF Stock Down 7.2 %

The stock’s fifty day simple moving average is $53.56 and its 200 day simple moving average is $44.43.

Institutional Investors Weigh In On Bitwise Bitcoin ETF

A number of hedge funds and other institutional investors have recently bought and sold shares of BITB. Revisor Wealth Management LLC purchased a new stake in Bitwise Bitcoin ETF during the 4th quarter worth approximately $225,000. Hudson Value Partners LLC purchased a new stake in shares of Bitwise Bitcoin ETF during the fourth quarter valued at $370,000. Vise Technologies Inc. increased its position in shares of Bitwise Bitcoin ETF by 8.0% in the 4th quarter. Vise Technologies Inc. now owns 36,067 shares of the company’s stock valued at $1,834,000 after acquiring an additional 2,664 shares during the period. Elequin Capital LP raised its stake in Bitwise Bitcoin ETF by 28.5% in the 4th quarter. Elequin Capital LP now owns 331,972 shares of the company’s stock worth $16,881,000 after acquiring an additional 73,703 shares during the last quarter. Finally, White Knight Strategic Wealth Advisors LLC lifted its position in Bitwise Bitcoin ETF by 96.8% during the 4th quarter. White Knight Strategic Wealth Advisors LLC now owns 204,702 shares of the company’s stock worth $10,409,000 after acquiring an additional 100,675 shares during the period.

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.