2x Bitcoin Strategy ETF (NYSEARCA:BITX) Trading Down 8.5% – Here’s Why

2x Bitcoin Strategy ETF (NYSEARCA:BITX)’s share price dropped 8.5% on Wednesday . The stock traded as low as $14.58 and last traded at $14.59. Approximately 6,225,635 shares changed hands during mid-day trading, a decline of 50% from the average daily volume of 12,412,163 shares. The stock had previously closed at $15.95.

2x Bitcoin Strategy ETF Price Performance

The business has a 50-day moving average of $26.75 and a 200-day moving average of $42.35.

Hedge Funds Weigh In On 2x Bitcoin Strategy ETF

Hedge funds have recently modified their holdings of the business. Highline Wealth Partners LLC purchased a new stake in 2x Bitcoin Strategy ETF in the 3rd quarter valued at $28,000. Heritage Wealth Advisors purchased a new position in 2x Bitcoin Strategy ETF during the 4th quarter worth $55,000. Silverleafe Capital Partners LLC increased its stake in 2x Bitcoin Strategy ETF by 13.3% in 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 during the period. EverSource Wealth Advisors LLC raised its holdings in shares of 2x Bitcoin Strategy ETF by 35.1% in the second quarter. EverSource Wealth Advisors LLC now owns 17,415 shares of the company’s stock valued at $941,000 after buying an additional 4,521 shares during the last quarter. Finally, Flow Traders U.S. LLC raised its holdings in shares of 2x Bitcoin Strategy ETF by 14.5% in the second quarter. Flow Traders U.S. LLC now owns 37,381 shares of the company’s stock valued at $2,019,000 after buying an additional 4,735 shares during 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.