Bitwise Bitcoin ETF (NYSEARCA:BITB) Shares Gap Up – Time to Buy?

Bitwise Bitcoin ETF (NYSEARCA:BITB)’s stock price gapped up before the market opened on Monday . The stock had previously closed at $45.84, but opened at $50.73. Bitwise Bitcoin ETF shares last traded at $49.39, with a volume of 621,961 shares changing hands.

Bitwise Bitcoin ETF Stock Performance

The firm’s 50 day moving average is $52.69 and its two-hundred day moving average is $45.02.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the stock. Gleason Group Inc. bought a new stake in Bitwise Bitcoin ETF in the fourth quarter valued at $25,000. VisionPoint Advisory Group LLC bought a new stake in Bitwise Bitcoin ETF in the 4th quarter valued at about $56,000. Fairway Wealth LLC boosted its stake in Bitwise Bitcoin ETF by 258.1% during the 3rd quarter. Fairway Wealth LLC now owns 1,110 shares of the company’s stock valued at $38,000 after purchasing an additional 800 shares during the period. Signaturefd LLC boosted its stake in Bitwise Bitcoin ETF by 819.7% during the 4th quarter. Signaturefd LLC now owns 1,214 shares of the company’s stock valued at $62,000 after purchasing an additional 1,082 shares during the period. Finally, JPMorgan Chase & Co. bought a new position in Bitwise Bitcoin ETF in the 4th quarter worth about $66,000.

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.