ProShares - Short Bitcoin ETF (BITI) Expected Move
Expected move estimates the probable price range for a given period based on at-the-money options pricing. It reflects the market consensus for volatility over the selected timeframe.
ProShares - Short Bitcoin ETF (BITI) operates in the Financial Services sector, specifically the Asset Management - Leveraged industry, with a market capitalization near $81.2M, listed on AMEX, carrying a beta of -1.40 to the broader market. ProShares Short Bitcoin ETF seeks daily investment results, before fees and expenses, that correspond to the inverse (-1x) of the daily performance of the Bloomberg Bitcoin Index. public since 2022-06-21.
Snapshot as of May 15, 2026.
- Spot Price
- $22.09
- Expected Move
- 10.7%
- Implied High
- $24.46
- Implied Low
- $19.72
- Front DTE
- 34 days
As of May 15, 2026, ProShares - Short Bitcoin ETF (BITI) has an expected move of 10.72%, a one-standard-deviation implied price range of roughly $19.72 to $24.46 from the current $22.09. Expected move is derived from at-the-money straddle pricing and represents the market's pricing of a ±1σ move. Roughly 68% of outcomes should fall within this range under lognormal assumptions, though empirical markets have fatter tails.
BITI Strategy Sizing to the Expected Move
With ProShares - Short Bitcoin ETF pricing an expected move of 10.72% from $22.09, risk-defined strategies sized to the implied range structurally target the modal outcome distribution. Iron condors with wings at the ±1σ expected move boundaries collect premium against the ~68% probability that spot stays inside the range under lognormal assumptions; strangles set wider at ±1.5σ or ±2σ target the tails but pay smaller per-trade premium. Long-vol structures (long straddles, ratio backspreads) profit when realized move exceeds the implied move, the inverse trade: they bet against the lognormal assumption itself, capitalizing on the empirically fatter equity-return tails.
Learn how expected move is reported and how to read the data →
Per-expiration expected move for BITI derived from ATM implied volatility at each listed expiration. Implied high/low bounds are computed as $22.09 × (1 ± expected move %). One standard-deviation range under lognormal assumptions, roughly 68% of outcomes fall inside.
| Expiration | DTE | ATM IV | Expected Move | Implied High | Implied Low |
|---|---|---|---|---|---|
| Jun 18, 2026 | 34 | 37.4% | 11.4% | $24.61 | $19.57 |
| Jul 17, 2026 | 63 | 40.6% | 16.9% | $25.82 | $18.36 |
| Sep 18, 2026 | 126 | 46.8% | 27.5% | $28.16 | $16.02 |
| Dec 18, 2026 | 217 | 49.3% | 38.0% | $30.49 | $13.69 |
| Jan 15, 2027 | 245 | 51.2% | 41.9% | $31.36 | $12.82 |
Frequently asked BITI expected move questions
- What is the current BITI expected move?
- As of May 15, 2026, ProShares - Short Bitcoin ETF (BITI) has an expected move of 10.72% over the next 34 days, implying a one-standard-deviation price range of $19.72 to $24.46 from the current $22.09. The expected move is derived from at-the-money straddle pricing and represents the market consensus for a ±1σ price move.
- What does the BITI expected move mean for traders?
- Roughly 68% of outcomes should fall within ±1 expected move and 95% within ±2 under lognormal assumptions, though equity returns have empirically fatter tails than log-normal predicts. Strategies sized to the expected move (iron condors at ±1σ, strangles at ±1.5σ) target the typical outcome distribution; strategies that profit from tail moves (long-vol structures, ratio backspreads) target the tails the lognormal model under-prices.
- How is BITI expected move calculated?
- The expected move displayed here is derived from at-the-money implied volatility scaled to the chosen tenor: expected move % is approximately ATM IV times sqrt(T / 365), where T is days to expiration. An equivalent straddle-based form: the ATM straddle (call + put at the same strike) is roughly sqrt(2/pi) times spot times IV times sqrt(T/365), so the implied one-standard-deviation move is approximately 1.25 times ATM straddle divided by spot. The two formulations agree once the sqrt(2/pi) constant is reconciled.