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

2x Bitcoin Strategy ETF (BATS:BITX)’s stock price reached a new 52-week low during mid-day trading on Friday . The stock traded as low as $11.03 and last traded at $11.12, with a volume of 9853356 shares trading hands. The stock had previously closed at $12.43.

2x Bitcoin Strategy ETF Stock Down 13.7%

The firm has a 50 day moving average price of $17.48 and a 200-day moving average price of $21.98.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in BITX. Heritage Wealth Advisors purchased a new position in shares of 2x Bitcoin Strategy ETF in the 4th quarter valued at $55,000. Root Financial Partners LLC purchased a new position in 2x Bitcoin Strategy ETF during the 1st quarter worth $80,000. Captrust Financial Advisors lifted its holdings in shares of 2x Bitcoin Strategy ETF by 128.4% in the 4th quarter. Captrust Financial Advisors now owns 12,212 shares of the company’s stock valued at $339,000 after buying an additional 6,865 shares during the period. Jump Financial LLC acquired a new position in shares of 2x Bitcoin Strategy ETF in the 4th quarter valued at about $594,000. Finally, EverSource Wealth Advisors LLC lifted its holdings in shares of 2x Bitcoin Strategy ETF by 39.9% in the 1st quarter. EverSource Wealth Advisors LLC now owns 74,003 shares of the company’s stock valued at $1,091,000 after buying an additional 21,114 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.