ProShares Bitcoin ETF (NYSEARCA:BITO) Shares Gap Down – Should You Sell?

ProShares Bitcoin ETF (NYSEARCA:BITO)’s share price gapped down before the market opened on Friday . The stock had previously closed at $19.88, but opened at $18.91. ProShares Bitcoin ETF shares last traded at $19.12, with a volume of 2,440,225 shares traded.

ProShares Bitcoin ETF Price Performance

The stock’s 50-day simple moving average is $18.62 and its 200-day simple moving average is $22.00.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. Cedar Mountain Advisors LLC boosted its stake in ProShares Bitcoin ETF by 112.7% in the second quarter. Cedar Mountain Advisors LLC now owns 1,121 shares of the company’s stock valued at $25,000 after acquiring an additional 594 shares during the last quarter. Hexagon Capital Partners LLC raised its holdings in shares of ProShares Bitcoin ETF by 1,200.0% in the 3rd quarter. Hexagon Capital Partners LLC now owns 1,300 shares of the company’s stock worth $25,000 after purchasing an additional 1,200 shares during the period. LGT Financial Advisors LLC purchased a new position in ProShares Bitcoin ETF in the third quarter valued at approximately $28,000. Natixis bought a new position in ProShares Bitcoin ETF during the first quarter valued at $40,000. Finally, Kings Path Partners LLC purchased a new stake in ProShares Bitcoin ETF in the second quarter worth $45,000.

ProShares Bitcoin ETF Company Profile

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.