Bitwise Bitcoin ETF (NYSEARCA:BITB) Sees Large Volume Increase – Should You Buy?

Bitwise Bitcoin ETF (NYSEARCA:BITB) saw unusually-strong trading volume on Monday . Approximately 6,484,257 shares changed hands during mid-day trading, an increase of 292% from the previous session’s volume of 1,654,047 shares.The stock last traded at $49.7280 and had previously closed at $51.24.

Bitwise Bitcoin ETF Stock Down 2.6%

The company’s fifty day moving average price is $60.50 and its 200 day moving average price is $60.12.

Hedge Funds Weigh In On Bitwise Bitcoin ETF

Several hedge funds have recently modified their holdings of the company. Private Trust Co. NA purchased a new stake in shares of Bitwise Bitcoin ETF during the third quarter valued at approximately $29,000. Wealth Preservation Advisors LLC purchased a new stake in shares of Bitwise Bitcoin ETF during the 1st quarter valued at $34,000. WPG Advisers LLC bought a new stake in shares of Bitwise Bitcoin ETF during the 1st quarter worth $38,000. North Star Investment Management Corp. boosted its holdings in shares of Bitwise Bitcoin ETF by 85.6% in the 3rd quarter. North Star Investment Management Corp. now owns 618 shares of the company’s stock worth $38,000 after buying an additional 285 shares during the last quarter. Finally, Ameritas Advisory Services LLC bought a new position in Bitwise Bitcoin ETF during the second quarter valued at about $46,000.

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.