2x Bitcoin Strategy ETF (NYSEARCA:BITX) Trading Down 8% – Here’s What Happened

2x Bitcoin Strategy ETF (NYSEARCA:BITX) was down 8% on Tuesday . The company 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 stock has a 50 day simple moving average of $51.18 and a two-hundred day simple moving average of $45.31.

Hedge Funds Weigh In On 2x Bitcoin Strategy ETF

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Thurston Springer Miller Herd & Titak Inc. acquired a new position in shares of 2x Bitcoin Strategy ETF in the 4th quarter valued at $171,000. Kingswood Wealth Advisors LLC lifted its stake in shares of 2x Bitcoin Strategy ETF by 29.9% in the 4th quarter. Kingswood Wealth Advisors LLC now owns 288,112 shares of the company’s stock valued at $14,910,000 after purchasing an additional 66,398 shares during the last quarter. Jump Financial LLC lifted its stake in shares of 2x Bitcoin Strategy ETF by 8.0% in 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 during the last quarter. Finally, JBF Capital Inc. acquired a new position in 2x Bitcoin Strategy ETF during the 4th quarter worth about $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.