2x Bitcoin Strategy ETF (NYSEARCA:BITX) Trading Down 8% – Here’s What Happened

2x Bitcoin Strategy ETF (NYSEARCA:BITX) shares dropped 8% during trading on Tuesday . The stock traded as low as $35.23 and last traded at $35.30. Approximately 1,312,469 shares were traded during mid-day trading, a decline of 85% from the average daily volume of 8,924,892 shares. The stock had previously closed at $38.36.

2x Bitcoin Strategy ETF Stock Down 6.9 %

The firm has a 50 day moving average of $51.18 and a two-hundred day moving average of $45.31.

Hedge Funds Weigh In On 2x Bitcoin Strategy ETF

Several hedge funds have recently bought and sold shares of BITX. Thurston Springer Miller Herd & Titak Inc. purchased a new position in 2x Bitcoin Strategy ETF during the fourth quarter worth $171,000. Kingswood Wealth Advisors LLC increased its position in 2x Bitcoin Strategy ETF by 29.9% during the fourth quarter. Kingswood Wealth Advisors LLC now owns 288,112 shares of the company’s stock worth $14,910,000 after buying an additional 66,398 shares in the last quarter. Jump Financial LLC increased its position in 2x Bitcoin Strategy ETF by 8.0% during the fourth quarter. Jump Financial LLC now owns 38,852 shares of the company’s stock worth $2,011,000 after buying an additional 2,862 shares in the last quarter. Finally, JBF Capital Inc. purchased a new position in 2x Bitcoin Strategy ETF during the fourth quarter worth $3,881,000.

2x Bitcoin Strategy ETF Company Profile

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.