Grayscale Bitcoin Trust ETF (NYSEARCA:GBTC) Reaches New 1-Year Low – What’s Next?

Grayscale Bitcoin Trust ETF (NYSEARCA:GBTC) shares hit a new 52-week low on Wednesday . The company traded as low as $45.78 and last traded at $46.19, with a volume of 2337757 shares changing hands. The stock had previously closed at $48.35.

Grayscale Bitcoin Trust ETF Trading Down 4.2%

The company has a market capitalization of $11.15 billion, a PE ratio of 2.23 and a beta of 2.15. The firm’s 50-day simple moving average is $56.58 and its 200-day simple moving average is $59.71.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. Garton & Associates Financial Advisors LLC bought a new position in shares of Grayscale Bitcoin Trust ETF during the 4th quarter worth $27,000. Holos Integrated Wealth LLC purchased a new stake in Grayscale Bitcoin Trust ETF in the fourth quarter worth about $28,000. CoreCap Advisors LLC lifted its stake in Grayscale Bitcoin Trust ETF by 160.9% in the fourth quarter. CoreCap Advisors LLC now owns 441 shares of the company’s stock worth $30,000 after acquiring an additional 272 shares during the period. Cary Street Partners Investment Advisory LLC bought a new position in Grayscale Bitcoin Trust ETF during the 4th quarter worth about $30,000. Finally, Hollencrest Capital Management grew its holdings in Grayscale Bitcoin Trust ETF by 480.8% during the 1st quarter. Hollencrest Capital Management now owns 726 shares of the company’s stock worth $38,000 after acquiring an additional 601 shares in the last quarter.

About Grayscale Bitcoin Trust ETF

The Grayscale Bitcoin Trust (GBTC) is an exchange-traded fund that mostly invests in long btc, short usd currency. The fund is passively managed, offering exposure to the daily USD spot price of bitcoin (BTC). An investment in the fund is not a direct investment in bitcoin. GBTC was launched on Jan 11, 2024 and is issued by Grayscale.