2x Bitcoin Strategy ETF (NYSEARCA:BITX) Shares Down 10.7% – Time to Sell?

Shares of 2x Bitcoin Strategy ETF (NYSEARCA:BITX) fell 10.7% on Thursday . The stock traded as low as $25.05 and last traded at $25.08. 4,779,021 shares were traded during mid-day trading, a decline of 45% from the average session volume of 8,745,300 shares. The stock had previously closed at $28.10.

2x Bitcoin Strategy ETF Price Performance

The company’s 50-day moving average price is $29.69 and its 200 day moving average price is $46.06.

Institutional Trading of 2x Bitcoin Strategy ETF

A number of hedge funds have recently bought and sold shares of BITX. Highline Wealth Partners LLC purchased a new position in 2x Bitcoin Strategy ETF during the third quarter valued at $28,000. Silverleafe Capital Partners LLC increased its holdings in shares of 2x Bitcoin Strategy ETF by 13.3% in the third quarter. Silverleafe Capital Partners LLC now owns 11,373 shares of the company’s stock worth $626,000 after purchasing an additional 1,331 shares during the last quarter. EverSource Wealth Advisors LLC raised its holdings in shares of 2x Bitcoin Strategy ETF by 35.1% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 17,415 shares of the company’s stock worth $941,000 after acquiring an additional 4,521 shares in the last quarter. Flow Traders U.S. LLC lifted its position in 2x Bitcoin Strategy ETF by 14.5% during the second 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 during the last quarter. Finally, Jump Financial LLC grew its position in 2x Bitcoin Strategy ETF by 89.1% in the second 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.

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.