ProShares Bitcoin ETF (NYSEARCA:BITO) Stock Break Below 200 Day Moving Average – Time to Sell?

ProShares Bitcoin ETF (NYSEARCA:BITO) crossed below its 200-day moving average during trading on Tuesday. The stock has a 200-day moving average of $9.89 and traded as low as $9.66. ProShares Bitcoin ETF shares last traded at $9.79, with a volume of 69,302,769 shares traded.

ProShares Bitcoin ETF Stock Down 1.6%

The company has a 50 day moving average price of $10.81 and a two-hundred day moving average price of $9.89.

ProShares Bitcoin ETF’s stock is set to reverse split on Thursday, November 19th. The 1-2 reverse split was recently announced. The number of shares owned by shareholders will be adjusted after the market closes on Wednesday, November 18th.

Hedge Funds Weigh In On ProShares Bitcoin ETF

A number of hedge funds have recently bought and sold shares of the business. IMC Chicago LLC purchased a new stake in shares of ProShares Bitcoin ETF during the 2nd quarter valued at about $10,223,000. HighTower Advisors LLC raised its holdings in shares of ProShares Bitcoin ETF by 98.9% during the third quarter. HighTower Advisors LLC now owns 838,429 shares of the company’s stock valued at $9,390,000 after purchasing an additional 416,806 shares during the last quarter. Simplex Trading LLC purchased a new position in shares of ProShares Bitcoin ETF during the third quarter valued at approximately $1,927,000. Thor Trading Advisors LLC purchased a new position in shares of ProShares Bitcoin ETF during the third quarter valued at approximately $1,820,000. Finally, StoneX Group Inc. boosted its holdings in ProShares Bitcoin ETF by 111.7% in the third quarter. StoneX Group Inc. now owns 293,535 shares of the company’s stock worth $3,071,000 after purchasing an additional 154,856 shares during the last quarter.

About ProShares Bitcoin ETF

The ProShares Bitcoin Strategy ETF (BITO) is an exchange-traded fund that mostly invests in long bitcoin, short usd currency. The fund actively manages a portfolio of front-month CME bitcoin futures. BITO was launched on Oct 18, 2021 and is managed by ProShares.