ProShares Bitcoin ETF (NYSEARCA:BITO) Sees Unusually-High Trading Volume – Should You Buy?

ProShares Bitcoin ETF (NYSEARCA:BITO) saw unusually-high trading volume on Wednesday . Approximately 188,159,126 shares were traded during trading, an increase of 36% from the previous session’s volume of 138,594,406 shares.The stock last traded at $8.88 and had previously closed at $8.75.

ProShares Bitcoin ETF Trading Down 0.9%

The stock’s 50-day moving average is $9.22 and its two-hundred day moving average is $10.09.

Hedge Funds Weigh In On ProShares Bitcoin ETF

Several hedge funds and other institutional investors have recently modified their holdings of the company. Kelleher Financial Advisors bought a new stake in shares of ProShares Bitcoin ETF in the third quarter worth $26,000. Barclays PLC lifted its holdings in ProShares Bitcoin ETF by 210,000.0% in the fourth quarter. Barclays PLC now owns 2,101 shares of the company’s stock valued at $26,000 after acquiring an additional 2,100 shares during the period. Signature Resources Capital Management LLC purchased a new position in ProShares Bitcoin ETF in the fourth quarter worth about $31,000. Ramsey Quantitative Systems purchased a new position in ProShares Bitcoin ETF in the first quarter worth about $37,000. Finally, Sunbelt Securities Inc. grew its stake in shares of ProShares Bitcoin ETF by 432.0% during the 3rd quarter. Sunbelt Securities Inc. now owns 2,128 shares of the company’s stock valued at $42,000 after purchasing an additional 1,728 shares during the period.

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.