ProShares Short Bitcoin ETF (NYSEARCA:BITI) Shares Down 0.6% – Here’s Why

ProShares Short Bitcoin ETF (NYSEARCA:BITI)’s share price dropped 0.6% during trading on Thursday . The company traded as low as $24.78 and last traded at $24.91. Approximately 677,378 shares were traded during trading, a decline of 63% from the average daily volume of 1,823,690 shares. The stock had previously closed at $25.06.

ProShares Short Bitcoin ETF Stock Performance

The stock has a 50 day simple moving average of $24.01 and a two-hundred day simple moving average of $27.56.

Hedge Funds Weigh In On ProShares Short Bitcoin ETF

A number of institutional investors have recently bought and sold shares of the company. Tidal Investments LLC acquired a new position in ProShares Short Bitcoin ETF during the 3rd quarter worth about $1,825,000. Guardian Wealth Advisors LLC NC purchased a new position in ProShares Short Bitcoin ETF during the 4th quarter worth $1,634,000. Tower Research Capital LLC TRC acquired a new stake in shares of ProShares Short Bitcoin ETF in the 4th quarter worth $1,087,000. Two Sigma Securities LLC boosted its holdings in shares of ProShares Short Bitcoin ETF by 54.2% in the fourth quarter. Two Sigma Securities LLC now owns 22,934 shares of the company’s stock valued at $550,000 after acquiring an additional 8,058 shares in the last quarter. Finally, Newbridge Financial Services Group Inc. acquired a new position in shares of ProShares Short Bitcoin ETF during the fourth quarter worth about $48,000.

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.