2x Bitcoin Strategy ETF (BATS:BITX) Stock Crosses Below Two Hundred Day Moving Average – Here’s Why

2x Bitcoin Strategy ETF (BATS:BITX) crossed below its 200-day moving average during trading on Friday. The stock has a 200-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 firm’s fifty day moving average price is $18.54 and its 200-day moving average price is $16.90.

Institutional Trading of 2x Bitcoin Strategy ETF

A number of large investors have recently added to or reduced their stakes in BITX. Root Financial Partners LLC bought a new stake in shares of 2x Bitcoin Strategy ETF during the 1st quarter worth $80,000. EverSource Wealth Advisors LLC boosted its position 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 purchasing an additional 21,114 shares during the period. Finally, Kingswood Wealth Advisors LLC boosted its position 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 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.