2x Bitcoin Strategy ETF (NYSEARCA:BITX) Hits New 52-Week Low – Time to Sell?

2x Bitcoin Strategy ETF (NYSEARCA:BITX) hit a new 52-week low during mid-day trading on Thursday . The company traded as low as $29.04 and last traded at $29.41, with a volume of 20389054 shares changing hands. The stock had previously closed at $31.55.

2x Bitcoin Strategy ETF Trading Down 6.9%

The firm’s 50-day moving average price is $50.84 and its 200 day moving average price is $54.54.

Institutional Trading of 2x Bitcoin Strategy ETF

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in BITX. Silverleafe Capital Partners LLC lifted its holdings in shares of 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 in the last quarter. Highline Wealth Partners LLC bought a new stake in 2x Bitcoin Strategy ETF during the third quarter worth $28,000. Jump Financial LLC raised its position in 2x Bitcoin Strategy ETF by 89.1% in the 2nd quarter. Jump Financial LLC now owns 77,167 shares of the company’s stock valued at $4,169,000 after buying an additional 36,362 shares during the last quarter. Flow Traders U.S. LLC lifted its stake in 2x Bitcoin Strategy ETF by 14.5% during the 2nd quarter. Flow Traders U.S. LLC now owns 37,381 shares of the company’s stock valued at $2,019,000 after acquiring an additional 4,735 shares in the last quarter. Finally, EverSource Wealth Advisors LLC boosted its holdings in 2x Bitcoin Strategy ETF by 35.1% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 17,415 shares of the company’s stock worth $941,000 after acquiring an additional 4,521 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.