Recent data from ETF Channel highlighted a notable decrease in shares for the ProShares Bitcoin ETF (Symbol: BITO). The fund experienced an outflow of approximately $89.1 million, or a 4.5% drop week-over-week. This move reduced its shares outstanding from 105,090,000 to 100,370,000.
Examining the chart, BITO has a 52-week low of $16.11 per share and a high of $33.79, with the most recent trade recorded at $19.23. This context allows investors to compare the current share price to the ETF’s 200-day moving average, an important tool in technical analysis.
It’s important to understand that exchange-traded funds (ETFs) operate similarly to stocks but involve trading “units” instead of “shares.” This means units can be created or destroyed based on investor demand. Each week, we analyze the changes in shares outstanding to identify ETFs with significant inflows or outflows. When new units are created, the underlying assets must be purchased, while unit destruction involves selling those assets, potentially affecting the individual components within ETFs.
Click here to discover which 9 other ETFs faced notable outflows »
Additional Resources:
- Dividend Paying Stocks
- Top Ten Hedge Funds Holding BRLN
- ENPH MACD
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