Looking at the latest data from ETF Channel, the ProShares Bitcoin ETF (Symbol: BITO) has caught attention due to a notable week-over-week change. Approximately $88.1 million has exited the fund, leading to a 3.1% decrease in outstanding shares, which dropped from 102,940,000 to 99,700,000.
The chart below illustrates the past year of BITO’s price performance in relation to its 200-day moving average:
According to the chart, BITO’s price has fluctuated between a low of $16.11 and a high of $33.79 over the past year; it currently trades at $27.24. Analyzing this figure against the 200-day moving average can provide valuable insights for investors—more details can be found on the 200-day moving average ».
Exchange-traded funds (ETFs) function similarly to stocks, but investors buy and sell “units” instead of shares. These units can be traded like stocks, yet they can also be created or destroyed based on demand. Each week, we track the changes in shares outstanding to identify ETFs with significant inflows (representing newly created units) or outflows (indicating units being retired). The creation of new units necessitates purchasing the ETF’s underlying assets, while the destruction of units means selling those assets. Therefore, large shifts in holdings can impact the individual components within the ETFs.
Click here to find out which 9 other ETFs experienced notable outflows »
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