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

2x Bitcoin Strategy ETF (NYSEARCA:BITX) shares gapped down before the market opened on Friday . The stock had previously closed at $39.75, but opened at $38.06. 2x Bitcoin Strategy ETF shares last traded at $37.20, with a volume of 1,584,771 shares trading hands.

2x Bitcoin Strategy ETF Trading Down 6.2 %

The business has a 50-day moving average price of $48.79 and a 200-day moving average price of $45.84.

Institutional Trading of 2x Bitcoin Strategy ETF

A number of institutional investors and hedge funds have recently added to or reduced their stakes in BITX. Kingswood Wealth Advisors LLC boosted its holdings in 2x Bitcoin Strategy ETF by 29.9% during the fourth quarter. Kingswood Wealth Advisors LLC now owns 288,112 shares of the company’s stock valued at $14,910,000 after purchasing an additional 66,398 shares in the last quarter. JBF Capital Inc. bought a new stake in 2x Bitcoin Strategy ETF in the fourth quarter valued at $3,881,000. Jump Financial LLC grew its position in 2x Bitcoin Strategy ETF by 8.0% in the fourth quarter. Jump Financial LLC now owns 38,852 shares of the company’s stock valued at $2,011,000 after acquiring an additional 2,862 shares during the period. Finally, Thurston Springer Miller Herd & Titak Inc. acquired a new position in 2x Bitcoin Strategy ETF during the fourth quarter worth $171,000.

2x Bitcoin Strategy ETF Company Profile

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.