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

Shares of 2x Bitcoin Strategy ETF (NYSEARCA:BITX) gapped down prior to trading 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.

2x Bitcoin Strategy ETF Stock Performance

The stock’s 50 day simple moving average is $36.70 and its two-hundred day simple moving average is $35.07.

Institutional Trading of 2x Bitcoin Strategy ETF

Institutional investors have recently made changes to their positions in the business. Hollencrest Capital Management bought a new position in 2x Bitcoin Strategy ETF during the second quarter worth about $40,000. VitalStone Financial LLC raised its holdings in shares of 2x Bitcoin Strategy ETF by 128.3% in the 2nd 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. Graypoint LLC raised its holdings in shares of 2x Bitcoin Strategy ETF by 23.1% in the 3rd quarter. Graypoint LLC now owns 13,537 shares of the company’s stock worth $386,000 after buying an additional 2,536 shares in the last quarter. Finally, Kingswood Wealth Advisors LLC lifted its position in shares of 2x Bitcoin Strategy ETF by 22.9% during the 2nd quarter. Kingswood Wealth Advisors LLC now owns 166,175 shares of the company’s stock worth $5,264,000 after buying an additional 30,991 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.