Short Interest in Bitwise Web3 ETF (NYSEARCA:BWEB) Declines By 39.2%

Bitwise Web3 ETF (NYSEARCA:BWEB) was the recipient of a large drop in short interest in the month of May. As of May 15th, there was short interest totaling 45 shares, a drop of 39.2% from the April 30th total of 74 shares. Currently, 0.1% of the shares of the company are short sold. Based on an average daily trading volume, of 863 shares, the short-interest ratio is presently 0.1 days.

Bitwise Web3 ETF Stock Performance

Shares of NYSEARCA BWEB opened at $76.83 on Friday. Bitwise Web3 ETF has a 52 week low of $58.52 and a 52 week high of $88.75. The stock has a market capitalization of $6.15 million, a P/E ratio of 31.67 and a beta of 2.11. The stock’s fifty day moving average is $72.23 and its 200 day moving average is $71.04.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of BWEB. Jane Street Group LLC lifted its holdings in shares of Bitwise Web3 ETF by 6.9% during the 1st quarter. Jane Street Group LLC now owns 11,604 shares of the company’s stock worth $560,000 after acquiring an additional 745 shares during the period. Ankerstar Wealth LLC bought a new stake in shares of Bitwise Web3 ETF during the 4th quarter worth approximately $76,000. Finally, Sanctuary Advisors LLC bought a new stake in shares of Bitwise Web3 ETF during the 4th quarter worth approximately $788,000.

About Bitwise Web3 ETF

The Bitwise Web3 ETF (BWEB) is an exchange-traded fund that is based on the Bitwise Web3 Equities index. The fund tracks a tier-weighted index of companies connected to the global Web 3.0 industry. The selection process is overseen by a committee. BWEB was launched on Oct 4, 2022 and is managed by Bitwise.