ProShares Short Bitcoin ETF (NYSEARCA:BITI) Stock Price Down 4.3% – What’s Next?

Shares of ProShares Short Bitcoin ETF (NYSEARCA:BITI) dropped 4.3% on Tuesday . The stock traded as low as $6.34 and last traded at $6.45. Approximately 24,051,012 shares were traded during mid-day trading, an increase of 203% from the average daily volume of 7,933,163 shares. The stock had previously closed at $6.74.

ProShares Short Bitcoin ETF Trading Down 4.3 %

The firm’s 50-day moving average price is $7.65 and its 200-day moving average price is $7.86.

ProShares Short Bitcoin ETF shares are set to reverse split on Thursday, November 7th. The 1-5 reverse split was announced on Monday, October 28th. The number of shares owned by shareholders will be adjusted after the closing bell on Wednesday, November 6th.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Headlands Technologies LLC raised 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 acquiring an additional 35,433 shares during the period. AFG Fiduciary Services Limited Partnership boosted its holdings 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 valued at $2,139,000 after acquiring an additional 81,643 shares during the period. HAP Trading LLC bought a new position in ProShares Short Bitcoin ETF in the 1st quarter valued at $228,000. Finally, Advisory Services Network LLC bought a new stake in shares of ProShares Short Bitcoin ETF during the first quarter worth $3,856,000.

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.