Bitwise Bitcoin ETF (NYSEARCA:BITB) Shares Gap Down – Here’s Why

Shares of Bitwise Bitcoin ETF (NYSEARCA:BITB) gapped down prior to trading on Monday . The stock had previously closed at $63.47, but opened at $60.74. Bitwise Bitcoin ETF shares last traded at $61.01, with a volume of 371,039 shares traded.

Bitwise Bitcoin ETF Price Performance

The stock’s 50 day simple moving average is $61.78 and its 200 day simple moving average is $54.72.

Hedge Funds Weigh In On Bitwise Bitcoin ETF

A number of hedge funds and other institutional investors have recently modified their holdings of BITB. Brighton Jones LLC bought a new position in shares of Bitwise Bitcoin ETF during the fourth quarter valued at approximately $516,000. JPMorgan Chase & Co. bought a new position in shares of Bitwise Bitcoin ETF during the fourth quarter valued at approximately $66,000. Renaissance Technologies LLC bought a new position in shares of Bitwise Bitcoin ETF during the fourth quarter valued at approximately $1,475,000. First Trust Advisors LP bought a new position in shares of Bitwise Bitcoin ETF during the fourth quarter valued at approximately $4,072,000. Finally, Stifel Financial Corp bought a new position in shares of Bitwise Bitcoin ETF during the fourth quarter valued at approximately $252,000.

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.