2x Bitcoin Strategy ETF (NYSEARCA:BITX) Trading Down 6.1% – What’s Next?

2x Bitcoin Strategy ETF (NYSEARCA:BITX) shares were down 6.1% during trading on Friday . The stock traded as low as $35.51 and last traded at $35.79. Approximately 9,373,987 shares changed hands during mid-day trading, an increase of 14% from the average daily volume of 8,220,249 shares. The stock had previously closed at $38.11.

2x Bitcoin Strategy ETF Stock Down 7.7%

The company has a fifty day moving average of $52.51 and a 200 day moving average of $54.81.

Hedge Funds Weigh In On 2x Bitcoin Strategy ETF

A number of institutional investors and hedge funds have recently made changes to their positions in BITX. EverSource Wealth Advisors LLC grew its position in 2x Bitcoin Strategy ETF by 8,916.8% during the first quarter. EverSource Wealth Advisors LLC now owns 12,894 shares of the company’s stock valued at $457,000 after buying an additional 12,751 shares during the period. Jump Financial LLC boosted its stake in shares of 2x Bitcoin Strategy ETF by 5.0% during the 1st quarter. Jump Financial LLC now owns 40,805 shares of the company’s stock worth $1,448,000 after acquiring an additional 1,953 shares during the last quarter. DRW Securities LLC bought a new stake in shares of 2x Bitcoin Strategy ETF during the 1st quarter valued at $4,202,000. Parallel Advisors LLC purchased a new stake in shares of 2x Bitcoin Strategy ETF in the 2nd quarter worth $78,000. Finally, Kingswood Wealth Advisors LLC increased its stake in shares of 2x Bitcoin Strategy ETF by 16.4% in 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.

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.