ProShares Bitcoin ETF (NYSEARCA:BITO) Sees Unusually-High Trading Volume – Should You Buy?

ProShares Bitcoin ETF (NYSEARCA:BITO) shares saw unusually-strong trading volume on Monday . 181,679,871 shares traded hands during mid-day trading, an increase of 42% from the previous session’s volume of 128,118,930 shares.The stock last traded at $8.61 and had previously closed at $8.34.

ProShares Bitcoin ETF Price Performance

The company’s 50-day moving average is $9.59 and its two-hundred day moving average is $10.34.

Institutional Investors Weigh In On ProShares Bitcoin ETF

A number of hedge funds have recently made changes to their positions in the business. Kelleher Financial Advisors acquired a new position in shares of ProShares Bitcoin ETF during the third quarter worth approximately $26,000. Barclays PLC increased its position in ProShares Bitcoin ETF by 210,000.0% in the 4th quarter. Barclays PLC now owns 2,101 shares of the company’s stock valued at $26,000 after acquiring an additional 2,100 shares during the period. Sunbelt Securities Inc. raised its stake in ProShares Bitcoin ETF by 432.0% during the 3rd quarter. Sunbelt Securities Inc. now owns 2,128 shares of the company’s stock valued at $42,000 after acquiring an additional 1,728 shares in the last quarter. Signature Resources Capital Management LLC bought a new stake in ProShares Bitcoin ETF during the 4th quarter valued at $31,000. Finally, Northwestern Mutual Wealth Management Co. boosted its position in ProShares Bitcoin ETF by 422.8% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 3,100 shares of the company’s stock worth $67,000 after acquiring an additional 2,507 shares during the period.

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.