2x Bitcoin Strategy ETF (NYSEARCA:BITX) Shares Gap Down – Time to Sell?

2x Bitcoin Strategy ETF (NYSEARCA:BITX)’s share price gapped down before the market opened on Monday . The stock had previously closed at $58.89, but opened at $51.04. 2x Bitcoin Strategy ETF shares last traded at $52.40, with a volume of 4,402,936 shares changing hands.

2x Bitcoin Strategy ETF Trading Down 3.0 %

The stock’s 50-day simple moving average is $58.94 and its 200-day simple moving average is $41.89.

2x Bitcoin Strategy ETF Cuts Dividend

The business also recently disclosed a dividend, which was paid on Tuesday, December 17th. Shareholders of record on Monday, December 16th were given a dividend of $0.5768 per share. The ex-dividend date was Monday, December 16th.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Thurston Springer Miller Herd & Titak Inc. purchased a new position in 2x Bitcoin Strategy ETF during the 4th quarter valued at $171,000. Graypoint LLC boosted its holdings in shares of 2x Bitcoin Strategy ETF by 23.1% during the 3rd quarter. Graypoint LLC now owns 13,537 shares of the company’s stock valued at $386,000 after buying an additional 2,536 shares in the last quarter. Finally, Kingswood Wealth Advisors LLC increased its stake in shares of 2x Bitcoin Strategy ETF by 29.9% in the 4th quarter. Kingswood Wealth Advisors LLC now owns 288,112 shares of the company’s stock worth $14,910,000 after acquiring an additional 66,398 shares in the last quarter.

About 2x Bitcoin Strategy ETF

The 2x Bitcoin Strategy ETF (BITX) is an exchange-traded fund that is based on the S&P CME Bitcoin Futures Daily Roll index. The fund aims to provide 2x the daily price movements of an index based on rolling front-month CME bitcoin futures. BITX was launched on Jun 27, 2023 and is managed by Volatility Shares.