Bitwise Bitcoin ETF (NYSEARCA:BITB) Hits New 1-Year Low – Here’s What Happened

Bitwise Bitcoin ETF (NYSEARCA:BITB) shares hit a new 52-week low on Wednesday . The company traded as low as $32.04 and last traded at $32.33, with a volume of 2603859 shares trading hands. The stock had previously closed at $33.84.

Bitwise Bitcoin ETF Trading Down 4.2%

The firm has a fifty day simple moving average of $39.55 and a 200-day simple moving average of $41.63.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in BITB. GeoWealth Management LLC purchased a new position in Bitwise Bitcoin ETF in the 4th quarter valued at $32,000. Founders Capital Management raised its position in Bitwise Bitcoin ETF by 105.9% during the 4th quarter. Founders Capital Management now owns 700 shares of the company’s stock worth $33,000 after buying an additional 360 shares during the last quarter. Princeton Global Asset Management LLC acquired a new stake in shares of Bitwise Bitcoin ETF in the 4th quarter worth $34,000. Caitlin John LLC acquired a new stake in shares of Bitwise Bitcoin ETF in the 3rd quarter worth $49,000. Finally, Lodestone Wealth Management LLC purchased a new stake in shares of Bitwise Bitcoin ETF in the fourth quarter valued at about $38,000.

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.