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

2x Bitcoin Strategy ETF (NYSEARCA:BITX)’s share price gapped down before the market opened on Friday . The stock had previously closed at $16.64, but opened at $15.54. 2x Bitcoin Strategy ETF shares last traded at $15.30, with a volume of 4,216,044 shares changing hands.

2x Bitcoin Strategy ETF Price Performance

The company’s 50 day moving average is $22.91 and its 200 day moving average is $37.85.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of BITX. Highline Wealth Partners LLC bought a new stake in 2x Bitcoin Strategy ETF during the 3rd quarter worth $28,000. Heritage Wealth Advisors bought a new stake in shares of 2x Bitcoin Strategy ETF during the fourth quarter worth about $55,000. Captrust Financial Advisors increased its stake in shares of 2x Bitcoin Strategy ETF by 128.4% in the fourth quarter. Captrust Financial Advisors now owns 12,212 shares of the company’s stock valued at $339,000 after buying an additional 6,865 shares during the period. Jump Financial LLC bought a new position in 2x Bitcoin Strategy ETF in the 4th quarter valued at approximately $594,000. Finally, Silverleafe Capital Partners LLC raised its holdings in 2x Bitcoin Strategy ETF by 13.3% in the 3rd quarter. Silverleafe Capital Partners LLC now owns 11,373 shares of the company’s stock valued at $626,000 after buying an additional 1,331 shares during the last quarter.

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.