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

2x Bitcoin Strategy ETF (NYSEARCA:BITX) shares gapped down prior to trading on Thursday . The stock had previously closed at $39.45, but opened at $34.80. 2x Bitcoin Strategy ETF shares last traded at $35.29, with a volume of 1,322,703 shares traded.

2x Bitcoin Strategy ETF Price Performance

The company’s 50-day moving average is $45.57 and its 200 day moving average is $46.34.

Institutional Investors Weigh In On 2x Bitcoin Strategy ETF

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Thurston Springer Miller Herd & Titak Inc. acquired a new stake in 2x Bitcoin Strategy ETF in the 4th quarter worth approximately $171,000. Kingswood Wealth Advisors LLC lifted its stake in shares of 2x Bitcoin Strategy ETF by 29.9% in the fourth quarter. Kingswood Wealth Advisors LLC now owns 288,112 shares of the company’s stock worth $14,910,000 after buying an additional 66,398 shares during the last quarter. Jump Financial LLC boosted its holdings in 2x Bitcoin Strategy ETF by 8.0% during the fourth quarter. Jump Financial LLC now owns 38,852 shares of the company’s stock valued at $2,011,000 after acquiring an additional 2,862 shares during the period. Finally, JBF Capital Inc. acquired a new stake in shares of 2x Bitcoin Strategy ETF in the fourth quarter valued at 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.