2x Bitcoin Strategy ETF (NYSEARCA:BITX) Shares Down 5.5% – Here’s Why

2x Bitcoin Strategy ETF (NYSEARCA:BITX)’s stock price dropped 5.5% on Wednesday . The company traded as low as $14.49 and last traded at $14.55. Approximately 9,509,295 shares changed hands during mid-day trading, a decline of 26% from the average daily volume of 12,819,568 shares. The stock had previously closed at $15.39.

2x Bitcoin Strategy ETF Trading Down 4.6%

The company has a fifty day moving average of $26.10 and a 200 day moving average of $41.46.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the company. Kingswood Wealth Advisors LLC lifted its holdings 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 acquiring an additional 2,985 shares during the last quarter. Jump Financial LLC grew its stake in shares of 2x Bitcoin Strategy ETF by 89.1% in the 2nd quarter. Jump Financial LLC now owns 77,167 shares of the company’s stock worth $4,169,000 after purchasing an additional 36,362 shares during the last quarter. EverSource Wealth Advisors LLC raised its holdings in shares of 2x Bitcoin Strategy ETF by 203.0% in the 4th quarter. EverSource Wealth Advisors LLC now owns 52,889 shares of the company’s stock worth $1,467,000 after purchasing an additional 35,432 shares in the last quarter. Flow Traders U.S. LLC raised its holdings in shares of 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 worth $2,019,000 after purchasing an additional 4,735 shares in the last quarter. Finally, Captrust Financial Advisors lifted its stake in 2x Bitcoin Strategy ETF by 128.4% during the fourth quarter. Captrust Financial Advisors now owns 12,212 shares of the company’s stock valued at $339,000 after purchasing an additional 6,865 shares during the last quarter.

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.