2x Ether ETF (NYSEARCA:ETHU) Shares Gap Down – Here’s Why

2x Ether ETF (NYSEARCA:ETHU) gapped down before the market opened on Friday . The stock had previously closed at $23.16, but opened at $21.26. 2x Ether ETF shares last traded at $20.69, with a volume of 3,867,976 shares.

2x Ether ETF Stock Down 12.1%

The stock has a 50 day simple moving average of $40.67 and a 200-day simple moving average of $83.79.

Hedge Funds Weigh In On 2x Ether ETF

Several hedge funds have recently modified their holdings of the stock. Farther Finance Advisors LLC purchased a new position in shares of 2x Ether ETF during the third quarter valued at about $28,000. Beaumont Financial Advisors LLC bought a new position in shares of 2x Ether ETF during the 3rd quarter valued at approximately $376,000. Kingswood Wealth Advisors LLC purchased a new position in shares of 2x Ether ETF in the third quarter valued at $690,000. FNY Investment Advisers LLC purchased a new position in shares of 2x Ether ETF in the third quarter valued at $844,000. Finally, Flow Traders U.S. LLC bought a new stake in 2x Ether ETF in the second quarter worth $2,071,000.

About 2x Ether ETF

The 2x Ether ETF (ETHU) is an exchange-traded fund that mostly invests in long eth, short usd currency. The fund is actively managed, aiming to provide 2x the daily price movements of Ether (ETH). The funds primary investment is cash-settled CME Ether futures ETHU was launched on Jun 4, 2024 and is issued by Volatility Shares.