ProShares Short Bitcoin ETF (NYSEARCA:BITI) Trading Down 0.6% – Here’s What Happened

Shares of ProShares Short Bitcoin ETF (NYSEARCA:BITI) traded down 0.6% on Thursday . The stock traded as low as $24.78 and last traded at $24.91. 677,378 shares traded hands during mid-day trading, a decline of 63% from the average session volume of 1,823,690 shares. The stock had previously closed at $25.06.

ProShares Short Bitcoin ETF Price Performance

The stock’s 50-day moving average is $23.91 and its 200-day moving average is $27.66.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Newbridge Financial Services Group Inc. acquired a new position in ProShares Short Bitcoin ETF during the fourth quarter worth about $48,000. Brown Brothers Harriman & Co. boosted its position in shares of ProShares Short Bitcoin ETF by 95.3% during the 3rd quarter. Brown Brothers Harriman & Co. now owns 24,653 shares of the company’s stock valued at $184,000 after purchasing an additional 12,027 shares in the last quarter. Two Sigma Securities LLC grew its stake in shares of ProShares Short Bitcoin ETF by 54.2% in the 4th quarter. Two Sigma Securities LLC now owns 22,934 shares of the company’s stock worth $550,000 after purchasing an additional 8,058 shares during the last quarter. Tower Research Capital LLC TRC bought a new stake in shares of ProShares Short Bitcoin ETF in the 4th quarter worth approximately $1,087,000. Finally, Guardian Wealth Advisors LLC NC acquired a new stake in ProShares Short Bitcoin ETF during the fourth quarter valued at approximately $1,634,000.

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.