Bitwise Bitcoin ETF (NYSEARCA:BITB) Sets New 1-Year Low – What’s Next?

Shares of Bitwise Bitcoin ETF (NYSEARCA:BITB) hit a new 52-week low during mid-day trading on Friday . The stock traded as low as $32.61 and last traded at $32.74, with a volume of 1448772 shares. The stock had previously closed at $34.51.

Bitwise Bitcoin ETF Trading Down 6.6%

The firm has a fifty day moving average of $40.35 and a 200-day moving average of $42.92.

Hedge Funds Weigh In On Bitwise Bitcoin ETF

Institutional investors have recently added to or reduced their stakes in the business. GeoWealth Management LLC acquired a new position in Bitwise Bitcoin ETF in the fourth quarter valued at $32,000. Founders Capital Management increased its stake in Bitwise Bitcoin ETF by 105.9% in the fourth quarter. Founders Capital Management now owns 700 shares of the company’s stock valued at $33,000 after purchasing an additional 360 shares during the last quarter. Princeton Global Asset Management LLC acquired a new position in Bitwise Bitcoin ETF in the fourth quarter valued at $34,000. Caitlin John LLC acquired a new position in Bitwise Bitcoin ETF in the third quarter valued at $49,000. Finally, Lodestone Wealth Management LLC acquired a new position in Bitwise Bitcoin ETF in the fourth quarter valued at $38,000.

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.