2x Bitcoin Strategy ETF (NYSEARCA:BITX) Trading Down 19.5% – What’s Next?

2x Bitcoin Strategy ETF (NYSEARCA:BITX) shares traded down 19.5% on Monday . The stock traded as low as $29.34 and last traded at $29.49. 2,135,136 shares changed hands during mid-day trading, a decline of 74% from the average session volume of 8,330,018 shares. The stock had previously closed at $36.65.

2x Bitcoin Strategy ETF Stock Down 14.1 %

The firm’s 50-day moving average is $45.57 and its two-hundred day moving average is $46.62.

Hedge Funds Weigh In On 2x Bitcoin Strategy ETF

A number of large investors have recently added to or reduced their stakes in the company. Thurston Springer Miller Herd & Titak Inc. bought a new position in shares of 2x Bitcoin Strategy ETF in the fourth quarter valued at $171,000. Kingswood Wealth Advisors LLC boosted its holdings in 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 valued at $14,910,000 after purchasing an additional 66,398 shares during the period. Jump Financial LLC increased its stake in 2x Bitcoin Strategy ETF by 8.0% during the 4th quarter. Jump Financial LLC now owns 38,852 shares of the company’s stock worth $2,011,000 after acquiring an additional 2,862 shares during the period. Finally, JBF Capital Inc. bought a new stake in 2x Bitcoin Strategy ETF during the fourth quarter worth about $3,881,000.

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.