2x Bitcoin Strategy ETF (BATS:BITX) Shares Cross Below 200-Day Moving Average – Should You Sell?

2x Bitcoin Strategy ETF (BATS:BITX) shares passed below its two hundred day moving average during trading on Friday. The stock has a two hundred day moving average of $16.90 and traded as low as $15.93. 2x Bitcoin Strategy ETF shares last traded at $16.19, with a volume of 6,376,701 shares trading hands.

2x Bitcoin Strategy ETF Trading Down 10.2%

The company’s 50-day simple moving average is $18.54 and its 200-day simple moving average is $16.90.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in BITX. Kingswood Wealth Advisors LLC lifted its holdings in shares of 2x Bitcoin Strategy ETF by 4.8% during the 3rd quarter. Kingswood Wealth Advisors LLC now owns 267,405 shares of the company’s stock worth $5,238,000 after acquiring an additional 12,365 shares during the last quarter. EverSource Wealth Advisors LLC grew its holdings in shares of 2x Bitcoin Strategy ETF by 39.9% during the first quarter. EverSource Wealth Advisors LLC now owns 74,003 shares of the company’s stock valued at $1,091,000 after buying an additional 21,114 shares during the last quarter. Finally, Root Financial Partners LLC purchased a new stake in shares of 2x Bitcoin Strategy ETF during the 1st quarter valued at about $80,000.

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.