iShares Bitcoin Trust (NASDAQ:IBIT) Shares Down 1.1% – What’s Next?

iShares Bitcoin Trust (NASDAQ:IBIT) dropped 1.1% during mid-day trading on Monday . The stock traded as low as $51.13 and last traded at $51.57. Approximately 11,111,910 shares changed hands during trading, a decline of 66% from the average daily volume of 32,360,107 shares. The stock had previously closed at $52.13.

iShares Bitcoin Trust Stock Performance

The company’s 50-day moving average is $38.39 and its 200-day moving average is $36.78.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Glass Jacobson Investment Advisors llc acquired a new position in iShares Bitcoin Trust during the 2nd quarter valued at about $26,000. Asset Dedication LLC lifted its position in iShares Bitcoin Trust by 52.4% during the 3rd quarter. Asset Dedication LLC now owns 811 shares of the company’s stock valued at $29,000 after purchasing an additional 279 shares during the period. Creekmur Asset Management LLC bought a new stake in shares of iShares Bitcoin Trust in the 1st quarter valued at about $30,000. International Assets Investment Management LLC bought a new stake in shares of iShares Bitcoin Trust in the 2nd quarter valued at about $31,000. Finally, Thurston Springer Miller Herd & Titak Inc. bought a new stake in shares of iShares Bitcoin Trust in the 2nd quarter valued at about $36,000.

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.