The Bitwise Crypto Industry Innovators ETF (NYSEARCA:BITQ) experienced a notable decline in short interest during December. As of December 15th, the total short interest stood at 162,273 shares, reflecting a substantial decrease of 22.6% from the previous month”s total of 209,748 shares. Currently, only 0.9% of the ETF”s shares are short sold.
With an average daily trading volume of 175,463 shares, the days-to-cover ratio for BITQ is approximately 0.9 days. This ratio indicates the number of days it would take for short sellers to buy back shares to cover their positions, providing insight into market sentiment surrounding the ETF.
Large institutional investors have been active in the BITQ market, with several hedge funds adjusting their positions. For instance, LRI Investments LLC significantly increased its stake in BITQ by 510.5% during the third quarter, now holding 127,602 shares valued at $3,199,000 after acquiring an additional 106,702 shares during that period. Similarly, JPMorgan Chase & Co. raised its holdings by 8.7% in the second quarter, now owning 111,870 shares worth $2,206,000, following the purchase of an extra 8,991 shares.
Janney Montgomery Scott LLC also expanded its position by 6.2% in the second quarter, now holding 109,665 shares valued at $2,163,000 after acquiring an additional 6,356 shares. Meanwhile, Farther Finance Advisors LLC increased its stake by 117.1% in the third quarter, now owning 5,443 shares valued at $136,000 after purchasing 2,936 more shares.
The share price of BITQ has seen some fluctuations, recently trading down 1.9% to $20.20. On Tuesday, the trading volume reached 86,028 shares, which is below its average volume of 191,706. Currently, the ETF”s fifty-day moving average price is $23.65, and its 200-day moving average stands at $22.52. Over the past year, BITQ has navigated a trading range with a low of $10.50 and a high of $31.45. The ETF has a market capitalization of $358.15 million, with a price-to-earnings ratio of 27.61 and a beta of 3.17.
The Bitwise Crypto Industry Innovators ETF aims to track the Bitwise Crypto Innovators 30 index, focusing on global companies that contribute to a decentralized economy powered by crypto-assets. Launched on May 11, 2021, this ETF is managed by Bitwise.
For those interested in keeping abreast of developments related to the Bitwise Crypto Industry Innovators ETF, subscribing to financial news updates can provide timely insights into market activity and analyst ratings.
