The Bitwise Trendwise BTC/ETH and Treasuries Rotation Strategy ETF (NYSEARCA:BTOP) reported no price change during trading on Thursday, remaining steady at $27.86. The ETF reached a peak of $27.86 during the session, but trading volume was significantly lower than average, with only 249 shares exchanged, marking an 86% decrease from its typical daily volume of 1,795 shares.
Previously, the ETF closed at $27.85. The current market capitalization for BTOP stands at $4.18 million, while the price-to-earnings (PE) ratio is noted at -557.20, and the beta is at 2.73, indicating a relatively high level of volatility compared to the broader market. The stock has recently seen a 50-day simple moving average of $28.73 and a 200-day simple moving average of $32.90.
Additionally, the fund announced an annual dividend, which was disbursed on December 30th. Shareholders who were on record as of December 26th received a dividend payment of $0.6862, translating to a remarkable yield of 238.0%. However, the payout ratio stands at an extremely high -41,620.00%, reflecting potential concerns over the fund”s financial sustainability.
For those unfamiliar, the Bitwise Bitcoin and Ether Equal Weight Strategy ETF (BTOP) is designed to offer an investment in a balanced portfolio of cryptocurrencies, focusing on long positions in Bitcoin and Ethereum futures while simultaneously taking short positions against the US dollar. Launched on September 29, 2023, by Bitwise, this ETF aims to tap into the growing interest in cryptocurrency investments.
As institutional investors consider their strategies, the performance and volatility of such ETFs could play a crucial role in their future investment decisions. With the current market dynamics and the ETF”s unique structure, potential investors are left to ponder whether this is a timely opportunity for entry.
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