2x Bitcoin Strategy ETF (NYSEARCA:BITX) Trading Down 4.8%

2x Bitcoin Strategy ETF (NYSEARCA:BITX) shares dropped 4.8% on Monday . The stock traded as low as $24.73 and last traded at $25.00. 965,474 shares traded hands during trading, a decline of 81% from the average daily volume of 5,064,731 shares. The stock had previously closed at $26.27.

2x Bitcoin Strategy ETF Stock Performance

The stock has a 50 day simple moving average of $29.54 and a two-hundred day simple moving average of $38.65.

Institutional Investors Weigh In On 2x Bitcoin Strategy ETF

Several hedge funds have recently bought and sold shares of the stock. Hollencrest Capital Management purchased a new stake in 2x Bitcoin Strategy ETF during the second quarter worth $40,000. VitalStone Financial LLC increased its stake in shares of 2x Bitcoin Strategy ETF by 142.3% in the 1st quarter. VitalStone Financial LLC now owns 1,575 shares of the company’s stock valued at $84,000 after purchasing an additional 925 shares in the last quarter. Selway Asset Management acquired a new position in 2x Bitcoin Strategy ETF in the 1st quarter worth about $399,000. Finally, Kingswood Wealth Advisors LLC boosted its position in 2x Bitcoin Strategy ETF by 22.9% during the second quarter. Kingswood Wealth Advisors LLC now owns 166,175 shares of the company’s stock worth $5,264,000 after purchasing an additional 30,991 shares in 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.