Bitwise Bitcoin ETF (NYSEARCA:BITB) Stock Price Down 6.6% – Here’s Why

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

Bitwise Bitcoin ETF Trading Down 7.1 %

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

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Quadrature Capital Ltd purchased a new stake in shares of Bitwise Bitcoin ETF during the 3rd quarter worth $216,000. Kovitz Investment Group Partners LLC purchased a new stake in shares of Bitwise Bitcoin ETF during the third quarter valued at about $1,401,000. Orion Portfolio Solutions LLC boosted its holdings in shares of Bitwise Bitcoin ETF by 4,033.4% in the 3rd quarter. Orion Portfolio Solutions LLC now owns 277,100 shares of the company’s stock valued at $9,585,000 after buying an additional 270,396 shares in the last quarter. Soltis Investment Advisors LLC boosted its holdings in shares of Bitwise Bitcoin ETF by 39.4% in the 3rd quarter. Soltis Investment Advisors LLC now owns 95,870 shares of the company’s stock valued at $3,316,000 after buying an additional 27,103 shares in the last quarter. Finally, Virtu Financial LLC grew its position in shares of Bitwise Bitcoin ETF by 284.7% in the 3rd quarter. Virtu Financial LLC now owns 74,634 shares of the company’s stock worth $2,582,000 after buying an additional 55,234 shares during the last quarter.

About Bitwise Bitcoin ETF

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.