2x Bitcoin Strategy ETF (NYSEARCA:BITX) Shares Gap Down – Should You Sell?

2x Bitcoin Strategy ETF (NYSEARCA:BITX)’s stock price gapped down before the market opened on Tuesday . The stock had previously closed at $16.91, but opened at $16.15. 2x Bitcoin Strategy ETF shares last traded at $15.69, with a volume of 4,170,170 shares.

2x Bitcoin Strategy ETF Price Performance

The company’s 50-day moving average price is $28.06 and its 200-day moving average price is $43.41.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the company. Highline Wealth Partners LLC acquired a new stake in 2x Bitcoin Strategy ETF during the 3rd quarter worth $28,000. Silverleafe Capital Partners LLC boosted its position in 2x Bitcoin Strategy ETF by 13.3% during the third quarter. Silverleafe Capital Partners LLC now owns 11,373 shares of the company’s stock worth $626,000 after acquiring an additional 1,331 shares during the last quarter. EverSource Wealth Advisors LLC grew its stake in 2x Bitcoin Strategy ETF by 35.1% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 17,415 shares of the company’s stock valued at $941,000 after acquiring an additional 4,521 shares in the last quarter. Flow Traders U.S. LLC raised its holdings in 2x Bitcoin Strategy ETF by 14.5% in the 2nd quarter. Flow Traders U.S. LLC now owns 37,381 shares of the company’s stock valued at $2,019,000 after acquiring an additional 4,735 shares during the last quarter. Finally, Jump Financial LLC raised its holdings in 2x Bitcoin Strategy ETF by 89.1% in the 2nd quarter. Jump Financial LLC now owns 77,167 shares of the company’s stock valued at $4,169,000 after acquiring an additional 36,362 shares during the last quarter.

2x Bitcoin Strategy ETF Company Profile

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.