2x Bitcoin Strategy ETF (NYSEARCA:BITX) Stock Price Down 4.8% – Should You Sell?

2x Bitcoin Strategy ETF (NYSEARCA:BITX) shares were down 4.8% on Wednesday . The stock traded as low as $25.61 and last traded at $25.62. Approximately 6,112,305 shares traded hands during mid-day trading, an increase of 17% from the average daily volume of 5,222,383 shares. The stock had previously closed at $26.92.

2x Bitcoin Strategy ETF Stock Up 4.4 %

The business has a 50 day simple moving average of $27.93 and a 200-day simple moving average of $36.53.

Hedge Funds Weigh In On 2x Bitcoin Strategy ETF

Several hedge funds and other institutional investors have recently modified their holdings of BITX. Kingswood Wealth Advisors LLC boosted its position in 2x Bitcoin Strategy ETF by 554.3% during the 1st quarter. Kingswood Wealth Advisors LLC now owns 135,184 shares of the company’s stock worth $7,199,000 after purchasing an additional 114,524 shares during the period. Selway Asset Management purchased a new stake in shares of 2x Bitcoin Strategy ETF in the first quarter worth about $399,000. VitalStone Financial LLC grew its stake in shares of 2x Bitcoin Strategy ETF by 128.3% in the second quarter. VitalStone Financial LLC now owns 3,595 shares of the company’s stock valued at $114,000 after buying an additional 2,020 shares in the last quarter. Finally, Hollencrest Capital Management purchased a new stake in shares of 2x Bitcoin Strategy ETF during the 2nd quarter valued at about $40,000.

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.