iShares Bitcoin Trust (NASDAQ:IBIT) Stock Price Down 1.3% – Time to Sell?

iShares Bitcoin Trust (NASDAQ:IBIT) fell 1.3% during mid-day trading on Tuesday . The company traded as low as $53.75 and last traded at $54.48. 52,619,439 shares changed hands during mid-day trading, an increase of 55% from the average session volume of 33,928,965 shares. The stock had previously closed at $55.21.

iShares Bitcoin Trust Price Performance

The stock has a 50 day simple moving average of $42.82 and a two-hundred day simple moving average of $38.22.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in IBIT. IMC Chicago LLC bought a new stake in iShares Bitcoin Trust in the 3rd quarter valued at $323,337,000. Aristeia Capital L.L.C. boosted its position in shares of iShares Bitcoin Trust by 47.2% in the second quarter. Aristeia Capital L.L.C. now owns 5,940,411 shares of the company’s stock valued at $202,806,000 after acquiring an additional 1,903,644 shares during the period. Sculptor Capital LP grew its stake in shares of iShares Bitcoin Trust by 188.1% in the second quarter. Sculptor Capital LP now owns 3,392,812 shares of the company’s stock valued at $115,831,000 after acquiring an additional 2,215,107 shares in the last quarter. D. E. Shaw & Co. Inc. boosted its stake in shares of iShares Bitcoin Trust by 1,657.7% in the second quarter. D. E. Shaw & Co. Inc. now owns 2,636,608 shares of the company’s stock valued at $90,014,000 after buying an additional 2,486,608 shares during the period. Finally, Point72 Asset Management L.P. bought a new position in shares of iShares Bitcoin Trust in the second quarter worth $56,965,000.

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.