The ProShares Bitcoin & Ether Market Cap Weight ETF (NYSEARCA:BETH) experienced a dramatic reduction in short interest for the month of February. As of February 13, the short interest stood at 2,562 shares, marking a significant decline of 76.7% from the previous total of 11,016 shares reported on January 29. This change indicates that approximately 0.8% of the ETF”s shares are currently being short sold.
With an average daily trading volume of 9,151 shares, the days-to-cover ratio is estimated at 0.3 days, which suggests that the market is responding positively to the ETF”s performance.
In recent weeks, institutional investors have adjusted their holdings in the ProShares ETF. Notably, Flow Traders U.S. LLC acquired a new position in the ETF during the second quarter, valued at $500,000. Additionally, Hoey Investments Inc. increased its stake by 66.7% in the fourth quarter, acquiring an additional 200 shares, bringing its total to 500 shares valued at $26,000. Orion Portfolio Solutions LLC also lifted its position by 55.5%, now holding 11,043 shares valued at $564,000 after adding 3,940 shares in the last quarter. Meanwhile, Osaic Holdings Inc. made a new investment in the second quarter worth approximately $59,000.
On February 16, the ProShares ETF”s stock traded down $1.10 to reach $38.27, with a trading volume of 3,891 shares, which is below its average volume of 6,260. The ETF has recorded a fifty-two week low of $35.55 and a high of $92.84. Its fifty-day moving average is $47.73, while the 200-day moving average sits at $64.62.
Furthermore, the ProShares Bitcoin & Ether Market Cap Weight ETF primarily invests in a market cap-weighted portfolio of front-month CME Bitcoin and Ether futures contracts, rather than investing directly in the cryptocurrencies themselves. Launched on October 2, 2023, BETH aims to provide investors with exposure to the performance of these leading digital assets.
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