Notable Investor Stephen Weiss Took Profits From His Bitcoin Position Via BlackRock’s iShares ETF

Weiss, founder and managing partner at Short Hills Capital Partners, said on CNBC's “Halftime Report” he booked profits from an investment in BlackRock's iShares Bitcoin Trust.

Notable investor Stephen Weiss booked profits from his Bitcoin (CRYPTO: BTC) position via an iShares exchange-traded fund.

What Happened: Weiss, founder and managing partner at Short Hills Capital Partners, said on CNBC’s “Halftime Report” that he booked profits from an investment in iShares Bitcoin Trust.

“I took 20% off my position. I’m still fully invested in the trade. It’s still a positive trade,” the investor said, declining to disclose the size of his position or the value of the profits.

Weiss said his trading plan was always to sell a portion of his position once Bitcoin’s momentum cooled. The apex cryptocurrency was trading below $45,000 at the time 12 spot Bitcoin exchange-traded funds were approved by the Securities and Exchange Commission.

“I think the momentum dies. We were at $42,000, $43,000, and then the ETFs got approved. We had a nice move up to $47,000. I think that was the last move. I don’t see any follow-through buying. I think we’re going to drift lower from here,” he added.

Bitcoin has declined over 7% in the last 30 days and is still down 11% from its January peak.

See More: Best Cryptocurrency ETFs

The U.S. Securities and Exchange Commission approved BlackRock’s exchange-traded fund in January. Since then, over $55 billion in investor capital has flowed into the iShares Bitcoin fund, making it the largest among the 12 Bitcoin funds in the Wall Street exchange-traded fund market.

Bitcoin reached an all-time high of $108,786 on Jan. 20, more than doubling its price from the previous year.