2x Bitcoin Strategy ETF (NYSEARCA:BITX) Stock Price Down 8.5% – What’s Next?

2x Bitcoin Strategy ETF (NYSEARCA:BITX)’s stock price fell 8.5% on Wednesday . The stock traded as low as $14.58 and last traded at $14.59. 6,225,635 shares changed hands during mid-day trading, a decline of 50% from the average session volume of 12,412,163 shares. The stock had previously closed at $15.95.

2x Bitcoin Strategy ETF Stock Down 3.6%

The firm’s 50 day simple moving average is $27.75 and its 200 day simple moving average is $43.08.

Institutional Trading of 2x Bitcoin Strategy ETF

Several hedge funds have recently added to or reduced their stakes in BITX. Highline Wealth Partners LLC bought a new position in shares of 2x Bitcoin Strategy ETF in the third quarter worth $28,000. Silverleafe Capital Partners LLC lifted its holdings in 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 period. Kingswood Wealth Advisors LLC grew its position in 2x Bitcoin Strategy ETF by 1.3% in the 4th quarter. Kingswood Wealth Advisors LLC now owns 234,335 shares of the company’s stock valued at $6,500,000 after buying an additional 2,985 shares in the last quarter. EverSource Wealth Advisors LLC grew its position in 2x Bitcoin Strategy ETF by 35.1% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 17,415 shares of the company’s stock valued at $941,000 after buying an additional 4,521 shares in the last quarter. Finally, Flow Traders U.S. LLC increased its stake in 2x Bitcoin Strategy ETF by 14.5% during the 2nd quarter. Flow Traders U.S. LLC now owns 37,381 shares of the company’s stock valued at $2,019,000 after buying an additional 4,735 shares during the period.

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.