2x Bitcoin Strategy ETF (NYSEARCA:BITX) Shares Gap Down – Here’s Why

2x Bitcoin Strategy ETF (NYSEARCA:BITX)’s stock price gapped down prior to trading on Monday . The stock had previously closed at $32.76, but opened at $32.04. 2x Bitcoin Strategy ETF shares last traded at $31.67, with a volume of 1,678,404 shares traded.

2x Bitcoin Strategy ETF Price Performance

The stock has a 50-day simple moving average of $27.50 and a two-hundred day simple moving average of $34.82.

Hedge Funds Weigh In On 2x Bitcoin Strategy ETF

A number of hedge funds have recently bought and sold shares of BITX. Hollencrest Capital Management purchased a new stake in shares of 2x Bitcoin Strategy ETF during the 2nd quarter valued at about $40,000. VitalStone Financial LLC boosted its stake in 2x Bitcoin Strategy ETF by 128.3% in the 2nd quarter. VitalStone Financial LLC now owns 3,595 shares of the company’s stock worth $114,000 after purchasing an additional 2,020 shares during the period. Finally, Kingswood Wealth Advisors LLC boosted its stake in 2x Bitcoin Strategy ETF by 22.9% in the 2nd quarter. Kingswood Wealth Advisors LLC now owns 166,175 shares of the company’s stock worth $5,264,000 after purchasing an additional 30,991 shares during the period.

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.