ProShares Short Bitcoin ETF (NYSEARCA:BITI) Share Price Break Above Fifty Day Moving Average – What’s Next?

ProShares Short Bitcoin ETF (NYSEARCA:BITI) shares passed above its fifty day moving average during trading on Friday. The stock has a fifty day moving average of $18.31 and traded as high as $19.29. ProShares Short Bitcoin ETF shares last traded at $19.16, with a volume of 2,296,586 shares.

ProShares Short Bitcoin ETF Stock Performance

The firm’s 50-day moving average price is $18.31 and its two-hundred day moving average price is $23.35. The stock has a market cap of $73.19 million, a price-to-earnings ratio of -4.75 and a beta of -1.42.

Hedge Funds Weigh In On ProShares Short Bitcoin ETF

A number of institutional investors have recently bought and sold shares of the company. Tucker Asset Management LLC purchased a new stake in shares of ProShares Short Bitcoin ETF in the 2nd quarter valued at approximately $2,105,000. B. Riley Wealth Advisors Inc. purchased a new stake in shares of ProShares Short Bitcoin ETF during the 3rd quarter valued at approximately $1,111,000. IMC Chicago LLC purchased a new stake in shares of ProShares Short Bitcoin ETF during the 1st quarter valued at approximately $1,611,000. Finally, AXQ Capital LP purchased a new stake in shares of ProShares Short Bitcoin ETF during the 2nd quarter valued at approximately $361,000. 30.27% of the stock is 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.