ProShares Ultra Bitcoin ETF (NYSEARCA:BITU) Hits New 12-Month Low – Time to Sell?

ProShares Ultra Bitcoin ETF (NYSEARCA:BITU) reached a new 52-week low on Tuesday . The stock traded as low as $21.33 and last traded at $21.61, with a volume of 4643519 shares trading hands. The stock had previously closed at $22.59.

ProShares Ultra Bitcoin ETF Stock Performance

The stock’s 50 day moving average is $26.70 and its 200-day moving average is $43.88.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. CWM LLC increased its holdings in ProShares Ultra Bitcoin ETF by 1,300.0% during the third quarter. CWM LLC now owns 756 shares of the company’s stock valued at $40,000 after buying an additional 702 shares during the period. Winnow Wealth LLC purchased a new position in shares of ProShares Ultra Bitcoin ETF in the 3rd quarter valued at $62,000. Steigerwald Gordon & Koch Inc. bought a new position in shares of ProShares Ultra Bitcoin ETF in the 4th quarter worth $107,000. Advisory Services Network LLC purchased a new stake in shares of ProShares Ultra Bitcoin ETF during the 3rd quarter worth $111,000. Finally, Spire Wealth Management boosted its position in ProShares Ultra Bitcoin ETF by 333.5% during the second quarter. Spire Wealth Management now owns 4,335 shares of the company’s stock valued at $224,000 after purchasing an additional 3,335 shares in the last quarter.

About ProShares Ultra Bitcoin ETF

The ProShares UltraBitcoin ETF (BITU) is an exchange-traded fund that is based on the Bloomberg Bitcoin index. The fund tracks 2x the daily price movements of an index that measures the price of Bitcoin. The fund uses swaps to provide leveraged exposure to Bitcoin. BITU was launched on Apr 2, 2024 and is issued by ProShares.