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

2x Bitcoin Strategy ETF (NYSEARCA:BITX) dropped 4.8% during mid-day trading on Monday . The stock traded as low as $24.73 and last traded at $25.00. Approximately 965,474 shares changed 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 company’s 50 day moving average is $29.42 and its 200-day moving average is $38.38.

Institutional Inflows and Outflows

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

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.