Bitwise Bitcoin ETF (NYSEARCA:BITB) Share Price Breaks Below Two Hundred Day Moving Average – Here’s What Happened

Shares of Bitwise Bitcoin ETF (NYSEARCA:BITB) crossed below its 200-day moving average during trading on Thursday. The stock has a 200-day moving average of $39.43 and traded as low as $38.60. Bitwise Bitcoin ETF shares last traded at $38.71, with a volume of 1,164,321 shares.

Bitwise Bitcoin ETF Stock Down 4.4%

The company’s fifty day simple moving average is $43.71 and its 200 day simple moving average is $39.43.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in BITB. Geneos Wealth Management Inc. lifted its stake in shares of Bitwise Bitcoin ETF by 53.9% in the 1st quarter. Geneos Wealth Management Inc. now owns 1,202 shares of the company’s stock valued at $44,000 after purchasing an additional 421 shares during the period. EverSource Wealth Advisors LLC grew its stake in Bitwise Bitcoin ETF by 39.4% in the first quarter. EverSource Wealth Advisors LLC now owns 1,238 shares of the company’s stock worth $46,000 after purchasing an additional 350 shares during the period. Foresight Capital Management Advisors Inc. purchased a new stake in Bitwise Bitcoin ETF in the third quarter worth $89,000. Fifth Third Bancorp bought a new position in Bitwise Bitcoin ETF in the first quarter worth $168,000. Finally, Shore Point Advisors LLC bought a new position in Bitwise Bitcoin ETF in the third quarter worth $203,000.

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.