Bitwise Bitcoin ETF (NYSEARCA:BITB) Share Price Breaks Above 50 Day Moving Average – Should You Sell?

Bitwise Bitcoin ETF (NYSEARCA:BITB) crossed above its 50-day moving average during trading on Tuesday. The stock has a 50-day moving average of $43.61 and traded as high as $43.80. Bitwise Bitcoin ETF shares last traded at $43.78, with a volume of 502,139 shares changing hands.

Bitwise Bitcoin ETF Trading Up 1.1%

The company has a fifty day simple moving average of $43.61 and a 200-day simple moving average of $39.93.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in BITB. PNC Financial Services Group Inc. grew its stake in shares of Bitwise Bitcoin ETF by 19.8% during the 1st quarter. PNC Financial Services Group Inc. now owns 928,886 shares of the company’s stock valued at $34,192,000 after acquiring an additional 153,599 shares during the period. Bank of America Corp DE raised its stake in Bitwise Bitcoin ETF by 134.2% during the 1st quarter. Bank of America Corp DE now owns 216,907 shares of the company’s stock worth $7,984,000 after acquiring an additional 124,299 shares during the period. RPg Family Wealth Advisory LLC lifted its holdings in Bitwise Bitcoin ETF by 64.4% during the second quarter. RPg Family Wealth Advisory LLC now owns 299,597 shares of the company’s stock valued at $9,545,000 after purchasing an additional 117,411 shares in the last quarter. Sanctuary Advisors LLC lifted its holdings in Bitwise Bitcoin ETF by 55.9% during the first quarter. Sanctuary Advisors LLC now owns 190,617 shares of the company’s stock valued at $7,017,000 after purchasing an additional 68,335 shares in the last quarter. Finally, Atomic Invest LLC lifted its holdings in Bitwise Bitcoin ETF by 34.4% during the second quarter. Atomic Invest LLC now owns 239,200 shares of the company’s stock valued at $7,833,000 after purchasing an additional 61,224 shares in 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.