ProShares Bitcoin ETF (NYSEARCA:BITO) Hits New 52-Week Low – Time to Sell?

ProShares Bitcoin ETF (NYSEARCA:BITO) hit a new 52-week low on Thursday . The stock traded as low as $11.67 and last traded at $11.7020, with a volume of 25270266 shares. The stock had previously closed at $12.34.

ProShares Bitcoin ETF Price Performance

The business has a 50-day simple moving average of $12.88 and a 200-day simple moving average of $17.14.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the company. RK Capital Management LLC FL raised its holdings in shares of ProShares Bitcoin ETF by 374.5% in the 2nd quarter. RK Capital Management LLC FL now owns 833,600 shares of the company’s stock valued at $17,931,000 after purchasing an additional 657,910 shares in the last quarter. Acorns Advisers LLC increased its holdings in ProShares Bitcoin ETF by 16.5% in the third quarter. Acorns Advisers LLC now owns 4,576,226 shares of the company’s stock valued at $90,060,000 after buying an additional 647,924 shares during the last quarter. Tidal Investments LLC increased its holdings in ProShares Bitcoin ETF by 139.3% in the third quarter. Tidal Investments LLC now owns 912,135 shares of the company’s stock valued at $17,165,000 after buying an additional 530,987 shares during the last quarter. Fielder Capital Group LLC acquired a new stake in ProShares Bitcoin ETF in the second quarter valued at $9,549,000. Finally, JPMorgan Chase & Co. lifted its holdings in ProShares Bitcoin ETF by 112.2% during the 2nd quarter. JPMorgan Chase & Co. now owns 33,170 shares of the company’s stock worth $713,000 after buying an additional 304,338 shares during the last quarter.

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.