ProShares Short Bitcoin ETF (NYSEARCA:BITI) Trading Down 4.3% – Here’s Why

ProShares Short Bitcoin ETF (NYSEARCA:BITI)’s stock price dropped 4.3% on Thursday . The company traded as low as $22.82 and last traded at $22.97. Approximately 2,012,507 shares were traded during mid-day trading, an increase of 17% from the average daily volume of 1,722,606 shares. The stock had previously closed at $24.00.

ProShares Short Bitcoin ETF Stock Performance

The company’s 50 day simple moving average is $25.31 and its 200-day simple moving average is $34.50.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the business. Tidal Investments LLC purchased a new position in shares of ProShares Short Bitcoin ETF during the 3rd quarter valued at $1,825,000. Headlands Technologies LLC raised its holdings in ProShares Short Bitcoin ETF by 2,694.5% during the second quarter. Headlands Technologies LLC now owns 36,748 shares of the company’s stock valued at $311,000 after acquiring an additional 35,433 shares during the period. Finally, Brown Brothers Harriman & Co. lifted its position in shares of ProShares Short Bitcoin ETF by 95.3% in the third quarter. Brown Brothers Harriman & Co. now owns 24,653 shares of the company’s stock valued at $184,000 after acquiring an additional 12,027 shares in the last quarter.

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.