Grayscale Bitcoin Trust (NYSEARCA:GBTC) Sees Large Volume Increase – What’s Next?

Shares of Grayscale Bitcoin Trust (NYSEARCA:GBTC) saw unusually-strong trading volume on Thursday . Approximately 2,616,566 shares were traded during trading, a decline of 11% from the previous session’s volume of 2,956,415 shares.The stock last traded at $83.11 and had previously closed at $82.70.

Grayscale Bitcoin Trust Price Performance

The stock has a market cap of $42.53 billion, a P/E ratio of 2.29 and a beta of 1.25. The firm’s 50 day moving average price is $77.33 and its 200-day moving average price is $60.71.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in GBTC. Armstrong Advisory Group Inc. lifted its position in Grayscale Bitcoin Trust by 310.0% during the fourth quarter. Armstrong Advisory Group Inc. now owns 410 shares of the company’s stock valued at $30,000 after purchasing an additional 310 shares in the last quarter. West Oak Capital LLC raised its stake in Grayscale Bitcoin Trust by 100.0% during the 3rd quarter. West Oak Capital LLC now owns 640 shares of the company’s stock worth $32,000 after acquiring an additional 320 shares during the period. ORG Wealth Partners LLC purchased a new position in Grayscale Bitcoin Trust during the third quarter valued at approximately $46,000. Future Financial Wealth Managment LLC bought a new position in shares of Grayscale Bitcoin Trust in the third quarter worth approximately $50,000. Finally, Icon Wealth Advisors LLC purchased a new stake in shares of Grayscale Bitcoin Trust in the third quarter worth $53,000.

About Grayscale Bitcoin Trust

The Grayscale Bitcoin Trust (GBTC) is an exchange-traded fund that mostly invests in long btc, short usd currency. The fund is passively managed, offering exposure to the daily USD spot price of bitcoin (BTC). An investment in the fund is not a direct investment in bitcoin. GBTC was launched on Jan 11, 2024 and is issued by Grayscale.