2x Bitcoin Strategy ETF (NYSEARCA:BITX) Shares Gap Down – Here’s Why

2x Bitcoin Strategy ETF (NYSEARCA:BITX)’s share price gapped down before the market opened on Monday . The stock had previously closed at $64.18, but opened at $61.66. 2x Bitcoin Strategy ETF shares last traded at $60.49, with a volume of 1,992,768 shares traded.

2x Bitcoin Strategy ETF Trading Down 8.1 %

The stock’s fifty day simple moving average is $36.70 and its 200-day simple moving average is $35.07.

Institutional Trading of 2x Bitcoin Strategy ETF

Hedge funds have recently added to or reduced their stakes in the business. Kingswood Wealth Advisors LLC boosted its holdings in 2x Bitcoin Strategy ETF by 22.9% in the 2nd quarter. Kingswood Wealth Advisors LLC now owns 166,175 shares of the company’s stock valued at $5,264,000 after purchasing an additional 30,991 shares during the period. VitalStone Financial LLC grew its position in 2x Bitcoin Strategy ETF by 128.3% during the second quarter. VitalStone Financial LLC now owns 3,595 shares of the company’s stock worth $114,000 after buying an additional 2,020 shares in the last quarter. Hollencrest Capital Management acquired a new stake in 2x Bitcoin Strategy ETF during the second quarter worth about $40,000. Finally, Graypoint LLC increased its stake in 2x Bitcoin Strategy ETF by 23.1% during the third quarter. Graypoint LLC now owns 13,537 shares of the company’s stock valued at $386,000 after acquiring an additional 2,536 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.