2x Bitcoin Strategy ETF (NYSEARCA:BITX) Trading Down 8% – Should You Sell?

2x Bitcoin Strategy ETF (NYSEARCA:BITX)’s share price dropped 8% during trading on Tuesday . The stock traded as low as $35.23 and last traded at $35.30. Approximately 1,312,469 shares were traded during trading, a decline of 85% from the average daily volume of 8,924,892 shares. The stock had previously closed at $38.36.

2x Bitcoin Strategy ETF Stock Performance

The company’s 50-day simple moving average is $50.57 and its 200 day simple moving average is $45.34.

Hedge Funds Weigh In On 2x Bitcoin Strategy ETF

Several hedge funds have recently modified their holdings of BITX. Thurston Springer Miller Herd & Titak Inc. bought a new position in shares of 2x Bitcoin Strategy ETF during the 4th quarter worth approximately $171,000. Kingswood Wealth Advisors LLC lifted its position in shares of 2x Bitcoin Strategy ETF by 29.9% during the 4th 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 in the last quarter. Jump Financial LLC increased its stake 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 worth $2,011,000 after purchasing an additional 2,862 shares during the last quarter. Finally, JBF Capital Inc. purchased a new stake in shares of 2x Bitcoin Strategy ETF during the 4th quarter worth approximately $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.