2x Bitcoin Strategy ETF (NYSEARCA:BITX) Stock Price Down 10.7% – Should You Sell?

2x Bitcoin Strategy ETF (NYSEARCA:BITX)’s share price dropped 10.7% during trading on Thursday . The stock traded as low as $25.05 and last traded at $25.08. Approximately 4,779,021 shares traded hands during mid-day trading, a decline of 45% from the average daily volume of 8,745,300 shares. The stock had previously closed at $28.10.

2x Bitcoin Strategy ETF Stock Performance

The business’s 50 day simple moving average is $29.69 and its two-hundred day simple moving average is $46.06.

Institutional Investors Weigh In On 2x Bitcoin Strategy ETF

Several institutional investors and hedge funds have recently added to or reduced their stakes in BITX. Kingswood Wealth Advisors LLC raised its holdings in shares of 2x Bitcoin Strategy ETF by 16.4% in the 2nd quarter. Kingswood Wealth Advisors LLC now owns 296,454 shares of the company’s stock worth $16,014,000 after purchasing an additional 41,710 shares during the period. Jump Financial LLC increased its holdings in shares of 2x Bitcoin Strategy ETF by 89.1% in the second 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 period. 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 valued at $2,019,000 after acquiring an additional 4,735 shares in the last quarter. EverSource Wealth Advisors LLC grew its stake in 2x Bitcoin Strategy ETF by 35.1% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 17,415 shares of the company’s stock worth $941,000 after buying an additional 4,521 shares in the last quarter. Finally, Silverleafe Capital Partners LLC raised 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 valued at $626,000 after purchasing an additional 1,331 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.