ProShares Short Bitcoin ETF (NYSEARCA:BITI) Trading Down 0.7% – Time to Sell?

ProShares Short Bitcoin ETF (NYSEARCA:BITI) shares dropped 0.7% on Wednesday . The stock traded as low as $22.27 and last traded at $22.35. Approximately 3,397,253 shares were traded during trading, an increase of 46% from the average daily volume of 2,334,750 shares. The stock had previously closed at $22.51.

ProShares Short Bitcoin ETF Trading Down 0.7%

The firm’s 50 day simple moving average is $22.59 and its 200 day simple moving average is $19.95. The firm has a market cap of $105.05 million, a PE ratio of -5.55 and a beta of -1.44.

Hedge Funds Weigh In On ProShares Short Bitcoin ETF

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in BITI. Group One Trading LLC purchased a new position in ProShares Short Bitcoin ETF during the 2nd quarter valued at approximately $207,000. XTX Topco Ltd bought a new position in shares of ProShares Short Bitcoin ETF during the 2nd quarter valued at approximately $230,000. Tower Research Capital LLC TRC grew its holdings in shares of ProShares Short Bitcoin ETF by 136.3% in the second quarter. Tower Research Capital LLC TRC now owns 15,081 shares of the company’s stock valued at $297,000 after purchasing an additional 8,700 shares in the last quarter. Brookstone Capital Management bought a new stake in ProShares Short Bitcoin ETF in the fourth quarter worth $673,000. Finally, Advisory Services Network LLC bought a new stake in ProShares Short Bitcoin ETF in the second quarter worth $779,000. 30.27% of the stock is owned by institutional investors.

ProShares Short Bitcoin ETF Company Profile

The ProShares Trust – ProShares Short Bitcoin Strategy ETF (BITI) is an exchange-traded fund that is based on the S&P CME Bitcoin Futures index. The fund tracks the inverse daily price movements of an index of front-month CME bitcoin futures. It aims to profit from the price decline of bitcoin. BITI was launched on Jun 21, 2022 and is managed by ProShares.