ProShares Short Bitcoin ETF (NYSEARCA:BITI) Trading Down 4.3% – Time to Sell?

ProShares Short Bitcoin ETF (NYSEARCA:BITI)’s share price traded down 4.3% during mid-day trading on Thursday . The stock traded as low as $22.82 and last traded at $22.97. 2,012,507 shares traded hands during mid-day trading, an increase of 17% from the average session volume of 1,722,606 shares. The stock had previously closed at $24.00.

ProShares Short Bitcoin ETF Stock Performance

The stock’s 50-day moving average is $25.56 and its 200-day moving average is $34.61.

Institutional Trading of ProShares Short Bitcoin ETF

A number of hedge funds have recently modified their holdings of BITI. Brown Brothers Harriman & Co. boosted its stake in ProShares Short Bitcoin ETF by 95.3% in the 3rd quarter. Brown Brothers Harriman & Co. now owns 24,653 shares of the company’s stock valued at $184,000 after buying an additional 12,027 shares in the last quarter. Headlands Technologies LLC increased its stake in shares of ProShares Short Bitcoin ETF by 2,694.5% in the second quarter. Headlands Technologies LLC now owns 36,748 shares of the company’s stock valued at $311,000 after buying an additional 35,433 shares in the last quarter. Finally, Tidal Investments LLC bought a new position in shares of ProShares Short Bitcoin ETF in the third quarter valued at about $1,825,000.

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.