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

ProShares Bitcoin ETF (NYSEARCA:BITO) shares saw strong trading volume on Wednesday . 24,910,342 shares traded hands during mid-day trading, an increase of 82% from the previous session’s volume of 13,665,311 shares.The stock last traded at $12.7720 and had previously closed at $12.93.

ProShares Bitcoin ETF Stock Performance

The business’s 50 day moving average is $15.55 and its 200 day moving average is $19.02.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. Kelleher Financial Advisors acquired a new stake in shares of ProShares Bitcoin ETF during the 3rd quarter worth about $26,000. PNC Financial Services Group Inc. acquired a new position in ProShares Bitcoin ETF in the second quarter valued at approximately $28,000. ST Germain D J Co. Inc. raised its holdings in ProShares Bitcoin ETF by 55.4% during the third quarter. ST Germain D J Co. Inc. now owns 1,462 shares of the company’s stock worth $29,000 after purchasing an additional 521 shares in the last quarter. Caitlin John LLC acquired a new stake in ProShares Bitcoin ETF during the third quarter worth approximately $29,000. Finally, Cedar Mountain Advisors LLC lifted its position in shares of ProShares Bitcoin ETF by 43.7% during the 2nd quarter. Cedar Mountain Advisors LLC now owns 1,801 shares of the company’s stock worth $39,000 after buying an additional 548 shares during the last quarter.

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.