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

Shares of 2x Bitcoin Strategy ETF (NYSEARCA:BITX) gapped down before the market opened on Monday . The stock had previously closed at $48.58, but opened at $46.58. 2x Bitcoin Strategy ETF shares last traded at $46.62, with a volume of 1,938,726 shares.

2x Bitcoin Strategy ETF Trading Down 4.8%

The business’s 50-day moving average price is $54.56 and its 200-day moving average price is $54.96.

Institutional Trading of 2x Bitcoin Strategy ETF

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Kingswood Wealth Advisors LLC increased its position in 2x Bitcoin Strategy ETF by 16.4% during the 2nd quarter. Kingswood Wealth Advisors LLC now owns 296,454 shares of the company’s stock worth $16,014,000 after purchasing an additional 41,710 shares in the last quarter. DRW Securities LLC acquired a new position in 2x Bitcoin Strategy ETF during the 1st quarter worth approximately $4,202,000. Jump Financial LLC lifted its position in 2x Bitcoin Strategy ETF by 89.1% during the 2nd quarter. Jump Financial LLC now owns 77,167 shares of the company’s stock worth $4,169,000 after acquiring an additional 36,362 shares in the last quarter. Flow Traders U.S. LLC raised its position in shares of 2x Bitcoin Strategy ETF by 14.5% in the 2nd quarter. Flow Traders U.S. LLC now owns 37,381 shares of the company’s stock valued at $2,019,000 after purchasing an additional 4,735 shares in the last quarter. Finally, EverSource Wealth Advisors LLC raised its position in shares of 2x Bitcoin Strategy ETF by 35.1% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 17,415 shares of the company’s stock valued at $941,000 after purchasing an additional 4,521 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.