ProShares Short Bitcoin ETF (NYSEARCA:BITI) Trading Down 4.6% – Here’s What Happened

ProShares Short Bitcoin ETF (NYSEARCA:BITI) shares were down 4.6% on Monday . The company traded as low as $25.38 and last traded at $25.69. Approximately 1,864,295 shares were traded during trading, a decline of 16% from the average daily volume of 2,215,490 shares. The stock had previously closed at $26.93.

ProShares Short Bitcoin ETF Trading Down 4.6%

The firm has a market capitalization of $207.83 million, a PE ratio of -6.37 and a beta of -1.36. The business’s 50 day simple moving average is $23.87 and its two-hundred day simple moving average is $24.39.

Institutional Investors Weigh In On ProShares Short Bitcoin ETF

Several hedge funds and other institutional investors have recently modified their holdings of BITI. Quadrature Capital Ltd purchased a new stake in shares of ProShares Short Bitcoin ETF in the 4th quarter worth $2,505,000. IMC Chicago LLC purchased a new stake in shares of ProShares Short Bitcoin ETF in the 1st quarter worth $1,611,000. Advisory Services Network LLC purchased a new stake in shares of ProShares Short Bitcoin ETF in the 2nd quarter worth $779,000. SIH Partners LLLP purchased a new stake in shares of ProShares Short Bitcoin ETF in the 4th quarter worth $895,000. Finally, CreativeOne Wealth LLC purchased a new stake in shares of ProShares Short Bitcoin ETF in the 4th quarter worth $767,000. 30.27% of the stock is currently owned by hedge funds and other 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.