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

2x Bitcoin Strategy ETF (NYSEARCA:BITX) gapped down before the market opened on Monday . The stock had previously closed at $64.18, but opened at $61.66. 2x Bitcoin Strategy ETF shares last traded at $60.49, with a volume of 1,992,768 shares trading hands.

2x Bitcoin Strategy ETF Stock Down 10.0 %

The stock has a 50 day moving average price of $35.50 and a 200-day moving average price of $34.82.

Institutional Investors Weigh In On 2x Bitcoin Strategy ETF

Large investors have recently made changes to their positions in the company. Hollencrest Capital Management bought a new position in shares of 2x Bitcoin Strategy ETF in the 2nd quarter worth approximately $40,000. VitalStone Financial LLC raised its position in 2x Bitcoin Strategy ETF by 128.3% in the second quarter. VitalStone Financial LLC now owns 3,595 shares of the company’s stock worth $114,000 after acquiring an additional 2,020 shares during the period. Graypoint LLC boosted its stake 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 worth $386,000 after acquiring an additional 2,536 shares during the last quarter. Finally, Kingswood Wealth Advisors LLC grew its position in shares of 2x Bitcoin Strategy ETF by 22.9% during the 2nd quarter. Kingswood Wealth Advisors LLC now owns 166,175 shares of the company’s stock valued at $5,264,000 after acquiring an additional 30,991 shares during the period.

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.