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 Friday . The stock had previously closed at $39.75, but opened at $38.06. 2x Bitcoin Strategy ETF shares last traded at $37.20, with a volume of 1,584,771 shares changing hands.

2x Bitcoin Strategy ETF Stock Down 8.1 %

The company’s 50 day simple moving average is $48.24 and its 200 day simple moving average is $46.08.

Hedge Funds Weigh In On 2x Bitcoin Strategy ETF

Several institutional investors and hedge funds have recently made changes to their positions in BITX. Thurston Springer Miller Herd & Titak Inc. bought a new position in 2x Bitcoin Strategy ETF during the fourth quarter worth about $171,000. Kingswood Wealth Advisors LLC raised its position in shares of 2x Bitcoin Strategy ETF by 29.9% during the fourth quarter. Kingswood Wealth Advisors LLC now owns 288,112 shares of the company’s stock worth $14,910,000 after purchasing an additional 66,398 shares during the period. Jump Financial LLC lifted its holdings in shares of 2x Bitcoin Strategy ETF by 8.0% during the 4th quarter. Jump Financial LLC now owns 38,852 shares of the company’s stock valued at $2,011,000 after purchasing an additional 2,862 shares in the last quarter. Finally, JBF Capital Inc. acquired a new position in shares of 2x Bitcoin Strategy ETF in the 4th quarter valued at approximately $3,881,000.

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.