SEC approves Cboe BZX listing rules on October 2: six VS Trust commodity exchange-traded products can be listed on BZX Rule 14.11(e)(4), including three-times Bitcoin ETF and three-times Ether ETF; the other four correspond to gold, silver, crude oil, and natural gas. The SEC’s approval pertains to the listing rules—not that the fund has already begun trading. It still needs to wait for each S-1 registration statement to become effective, and the announcement does not provide a launch date.
What’s even easier to overlook is the product structure. The SEC filing states that the goal is to track triple the daily performance of a specified futures basket, using futures and cash/cash equivalents as collateral. It does not directly hold BTC or ETH. Daily rebalancing of leverage means long-term returns are path-dependent: in a choppy market, compounding losses can be amplified, and futures roll schedules and collateral conditions can also cause tracking differences. “Three times” is a one-day target, not three times the cumulative price gains/losses over a holding period.
As for the transmission to the crypto market, my view is that this broadens the channels through which U.S. traditional brokerage accounts can access BTC and ETH short-term leveraged exposure, but it does not directly create spot net buying pressure. Futures-based products may first affect demand for related contracts, basis, and volatility, and then indirectly influence spot sentiment. If the products actually trade actively, they could increase short-term hedging and arbitrage activity, but you cannot infer from that that long-term capital will continuously flow in.
For how to respond: first wait for the corresponding S-1 statements to become effective, then confirm the fund codes/fees, market making arrangements, and actual trading data before assessing how it affects futures basis and spot liquidity/flow. Retail investors should treat these products as high-volatility, short-cycle instruments. If there is no daily monitoring and no clearly defined maximum loss limit, avoid viewing them as substitutes for long-term spot holdings. For this event tied to BTC and ETH themselves, focus on the spot net inflows of $BTC and $ETH , the futures basis, open interest, and funding rates; do not treat day-to-day price fluctuations as evidence of product demand.
What to watch next: ① when each fund’s S-1 becomes effective and its first trading day; ② post-listing trading value, bid-ask spreads, and tracking error; ③ the basis, open interest, and approval-related costs for relevant futures such as those traded on CME; and ④ whether the capital flows of BTC and ETH spot ETFs improve in sync. If the registration statements do not become effective for a long time, product trading is thin, or futures activity does not have a clearly identifiable impact on spot liquidity, then the conclusion that the “new channel creates only marginal market impact” would not hold.
Source: SEC Release No. 34-106577, File No. SR-CboeBZX-2026-065, 2026-10-02; SEC original text: https://www.sec.gov/files/rules/sro/cboebzx/2026/34-106577.pdf . Supplementary report: CoinEdition, 2026-10-03, https://coinedition.com/sec-approves-listing-rule-for-3x-bitcoin-and-ether-etfs/ . Market data basis: Binance Spot public endpoints /api/v3/ticker/24hr and /api/v3/exchangeInfo, query time 2026-10-03 22:42 (Beijing time), rolling 24-hour USDT spot quoteVolume; this piece does not引用 trading value or price change figures. The above market transmission is based on personal analysis and does not constitute investment advice.
What’s even easier to overlook is the product structure. The SEC filing states that the goal is to track triple the daily performance of a specified futures basket, using futures and cash/cash equivalents as collateral. It does not directly hold BTC or ETH. Daily rebalancing of leverage means long-term returns are path-dependent: in a choppy market, compounding losses can be amplified, and futures roll schedules and collateral conditions can also cause tracking differences. “Three times” is a one-day target, not three times the cumulative price gains/losses over a holding period.
As for the transmission to the crypto market, my view is that this broadens the channels through which U.S. traditional brokerage accounts can access BTC and ETH short-term leveraged exposure, but it does not directly create spot net buying pressure. Futures-based products may first affect demand for related contracts, basis, and volatility, and then indirectly influence spot sentiment. If the products actually trade actively, they could increase short-term hedging and arbitrage activity, but you cannot infer from that that long-term capital will continuously flow in.
For how to respond: first wait for the corresponding S-1 statements to become effective, then confirm the fund codes/fees, market making arrangements, and actual trading data before assessing how it affects futures basis and spot liquidity/flow. Retail investors should treat these products as high-volatility, short-cycle instruments. If there is no daily monitoring and no clearly defined maximum loss limit, avoid viewing them as substitutes for long-term spot holdings. For this event tied to BTC and ETH themselves, focus on the spot net inflows of $BTC and $ETH , the futures basis, open interest, and funding rates; do not treat day-to-day price fluctuations as evidence of product demand.
What to watch next: ① when each fund’s S-1 becomes effective and its first trading day; ② post-listing trading value, bid-ask spreads, and tracking error; ③ the basis, open interest, and approval-related costs for relevant futures such as those traded on CME; and ④ whether the capital flows of BTC and ETH spot ETFs improve in sync. If the registration statements do not become effective for a long time, product trading is thin, or futures activity does not have a clearly identifiable impact on spot liquidity, then the conclusion that the “new channel creates only marginal market impact” would not hold.
Source: SEC Release No. 34-106577, File No. SR-CboeBZX-2026-065, 2026-10-02; SEC original text: https://www.sec.gov/files/rules/sro/cboebzx/2026/34-106577.pdf . Supplementary report: CoinEdition, 2026-10-03, https://coinedition.com/sec-approves-listing-rule-for-3x-bitcoin-and-ether-etfs/ . Market data basis: Binance Spot public endpoints /api/v3/ticker/24hr and /api/v3/exchangeInfo, query time 2026-10-03 22:42 (Beijing time), rolling 24-hour USDT spot quoteVolume; this piece does not引用 trading value or price change figures. The above market transmission is based on personal analysis and does not constitute investment advice.