iShares Bitcoin Trust (NASDAQ:IBIT) Shares Down 0.8% – Time to Sell?

iShares Bitcoin Trust (NASDAQ:IBIT) shares dropped 0.8% during trading on Tuesday . The company traded as low as $58.41 and last traded at $59.12. Approximately 22,396,824 shares traded hands during mid-day trading, a decline of 48% from the average daily volume of 42,730,004 shares. The stock had previously closed at $59.62.

iShares Bitcoin Trust Price Performance

The business’s 50-day moving average price is $55.44 and its 200 day moving average price is $43.00.

Institutional Trading of iShares Bitcoin Trust

Hedge funds have recently made changes to their positions in the business. Union Savings Bank acquired a new position in iShares Bitcoin Trust in the 4th quarter valued at about $25,000. City Holding Co. grew its position in shares of iShares Bitcoin Trust by 95.2% in the fourth quarter. City Holding Co. now owns 488 shares of the company’s stock valued at $26,000 after purchasing an additional 238 shares during the last quarter. PSI Advisors LLC bought a new position in shares of iShares Bitcoin Trust during the fourth quarter worth approximately $30,000. Harel Insurance Investments & Financial Services Ltd. acquired a new stake in iShares Bitcoin Trust during the 4th quarter worth approximately $39,000. Finally, New Wave Wealth Advisors LLC acquired a new stake in iShares Bitcoin Trust during the 4th quarter worth approximately $43,000.

About iShares Bitcoin Trust

The IShares Bitcoin Trust Registered (IBIT) 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 spot price of Bitcoin. IBIT was launched on Jan 5, 2024 and is issued by BlackRock.