2x Bitcoin Strategy ETF (BATS:BITX) Stock Crosses Below 200 Day Moving Average – Here’s What Happened

2x Bitcoin Strategy ETF (BATS:BITX)’s share price crossed below its two hundred day moving average during trading on Friday. The stock has a two hundred day moving average of $16.90 and traded as low as $15.93. 2x Bitcoin Strategy ETF shares last traded at $16.19, with a volume of 6,376,701 shares.

2x Bitcoin Strategy ETF Stock Down 10.2%

The company has a 50-day moving average price of $18.54 and a 200 day moving average price of $16.90.

Hedge Funds Weigh In On 2x Bitcoin Strategy ETF

Several hedge funds and other institutional investors have recently added to or reduced their stakes in BITX. Kingswood Wealth Advisors LLC lifted its stake in shares of 2x Bitcoin Strategy ETF by 4.8% in the 3rd quarter. Kingswood Wealth Advisors LLC now owns 267,405 shares of the company’s stock valued at $5,238,000 after purchasing an additional 12,365 shares during the last quarter. EverSource Wealth Advisors LLC boosted its holdings in 2x Bitcoin Strategy ETF by 39.9% in the first quarter. EverSource Wealth Advisors LLC now owns 74,003 shares of the company’s stock worth $1,091,000 after purchasing an additional 21,114 shares in the last quarter. Finally, Root Financial Partners LLC acquired a new position in 2x Bitcoin Strategy ETF during the first quarter worth $80,000.

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.