ProShares Short Bitcoin ETF (NYSEARCA:BITI) Stock Price Pass Below 50 Day Moving Average – Time to Sell?

ProShares Short Bitcoin ETF (NYSEARCA:BITI) shares passed below its fifty day moving average during trading on Wednesday . The stock has a fifty day moving average of $29.86 and traded as low as $22.14. ProShares Short Bitcoin ETF shares last traded at $22.21, with a volume of 2,267,509 shares changing hands.

ProShares Short Bitcoin ETF Trading Down 1.7 %

The business has a fifty day moving average price of $29.53 and a 200 day moving average price of $36.08.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. AFG Fiduciary Services Limited Partnership increased its position in ProShares Short Bitcoin ETF by 47.7% during the 2nd quarter. AFG Fiduciary Services Limited Partnership now owns 252,794 shares of the company’s stock worth $2,139,000 after purchasing an additional 81,643 shares in the last quarter. Headlands Technologies LLC grew its stake in shares of 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 worth $311,000 after buying an additional 35,433 shares during the last quarter. Brown Brothers Harriman & Co. increased its holdings in shares of ProShares Short Bitcoin ETF by 95.3% during the third quarter. Brown Brothers Harriman & Co. now owns 24,653 shares of the company’s stock worth $184,000 after buying an additional 12,027 shares in the last quarter. Finally, Tidal Investments LLC acquired a new stake in shares of ProShares Short Bitcoin ETF during the 3rd quarter valued at $1,825,000.

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.