ProShares Bitcoin ETF (NYSEARCA:BITO) Shares Break Below 200-Day Moving Average – What’s Next?

ProShares Bitcoin ETF (NYSEARCA:BITO) passed below its two hundred day moving average during trading on Tuesday. The stock has a two hundred day moving average of $9.89 and traded as low as $9.66. ProShares Bitcoin ETF shares last traded at $9.79, with a volume of 69,302,769 shares trading hands.

ProShares Bitcoin ETF Stock Down 1.6%

The stock has a 50 day moving average price of $10.81 and a 200-day moving average price of $9.89.

ProShares Bitcoin ETF’s stock is set to reverse split on Thursday, November 19th. The 1-2 reverse split was recently announced. The number of shares owned by shareholders will be adjusted after the market closes on Wednesday, November 18th.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the company. Allworth Financial LP boosted its position in ProShares Bitcoin ETF by 85.1% in the third quarter. Allworth Financial LP now owns 5,763 shares of the company’s stock worth $65,000 after purchasing an additional 2,650 shares during the last quarter. IFP Advisors Inc lifted its stake in shares of ProShares Bitcoin ETF by 8.0% in the 3rd quarter. IFP Advisors Inc now owns 15,352 shares of the company’s stock worth $172,000 after purchasing an additional 1,138 shares during the period. Paragon Private Wealth Management LLC lifted its stake in shares of ProShares Bitcoin ETF by 14.2% in the 1st quarter. Paragon Private Wealth Management LLC now owns 19,264 shares of the company’s stock worth $179,000 after purchasing an additional 2,388 shares during the period. Lido Advisors LLC lifted its stake in shares of ProShares Bitcoin ETF by 79.4% in the 1st quarter. Lido Advisors LLC now owns 19,264 shares of the company’s stock worth $179,000 after purchasing an additional 8,526 shares during the period. Finally, Envestnet Asset Management Inc. lifted its stake in shares of ProShares Bitcoin ETF by 24.1% in the 2nd quarter. Envestnet Asset Management Inc. now owns 36,796 shares of the company’s stock worth $294,000 after purchasing an additional 7,141 shares during the period.

About ProShares Bitcoin ETF

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.