ProShares Short Bitcoin ETF (NYSEARCA:BITI) Shares Break Above Fifty Day Moving Average – Here’s What Happened

ProShares Short Bitcoin ETF (NYSEARCA:BITI) crossed above its 50-day moving average during trading on Friday. The stock has a 50-day moving average of $18.31 and traded as high as $19.29. ProShares Short Bitcoin ETF shares last traded at $19.16, with a volume of 2,296,586 shares traded.

ProShares Short Bitcoin ETF Stock Up 5.2%

The business’s 50 day moving average is $18.31 and its 200 day moving average is $23.35. The company has a market cap of $73.19 million, a P/E ratio of -4.75 and a beta of -1.42.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Tucker Asset Management LLC increased its position in shares of ProShares Short Bitcoin ETF by 13.0% during the third quarter. Tucker Asset Management LLC now owns 81,966 shares of the company’s stock valued at $1,445,000 after acquiring an additional 9,441 shares during the last quarter. B. Riley Wealth Advisors Inc. acquired a new position in ProShares Short Bitcoin ETF in the third quarter valued at approximately $1,111,000. IMC Chicago LLC acquired a new stake in shares of ProShares Short Bitcoin ETF in the 1st quarter valued at about $1,611,000. Finally, AXQ Capital LP acquired a new position in ProShares Short Bitcoin ETF in the second quarter valued at $361,000. 30.27% of the stock is owned by hedge funds and other institutional investors.

About ProShares Short Bitcoin ETF

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.