Last year, the SEC capped leverage at 2x. This year, it approved 3x.
On December 2 last year, the SEC sent out nine warning letters at once, halting reviews of highly leveraged ETFs like 3x and 5x funds. Its reasoning was that fund risk couldn’t exceed 2x. But on October 2 this year, it approved six 3x products from Volatility Shares for listing on Cboe, including Bitcoin and Ethereum funds.
They got the green light by taking a different route: the funds are structured as commodity trusts and use CME futures, not spot assets, so they aren’t subject to the 2x cap. The trade-off is that they reset daily, so returns can diverge from 3x over longer holding periods.
The approval is in, but registration hasn’t taken effect yet, and no launch date has been set. Bitcoin spot on Binance is currently at 84,168, down 1.8% over 24 hours; Ethereum is at 2,613, down 3.4%. The good news hasn’t yet translated into real buying pressure.
I’ll keep holding spot Bitcoin and stay away from leveraged products that haven’t launched yet.
#SEC批准3倍比特币ETF上市 $BTC
On December 2 last year, the SEC sent out nine warning letters at once, halting reviews of highly leveraged ETFs like 3x and 5x funds. Its reasoning was that fund risk couldn’t exceed 2x. But on October 2 this year, it approved six 3x products from Volatility Shares for listing on Cboe, including Bitcoin and Ethereum funds.
They got the green light by taking a different route: the funds are structured as commodity trusts and use CME futures, not spot assets, so they aren’t subject to the 2x cap. The trade-off is that they reset daily, so returns can diverge from 3x over longer holding periods.
The approval is in, but registration hasn’t taken effect yet, and no launch date has been set. Bitcoin spot on Binance is currently at 84,168, down 1.8% over 24 hours; Ethereum is at 2,613, down 3.4%. The good news hasn’t yet translated into real buying pressure.
I’ll keep holding spot Bitcoin and stay away from leveraged products that haven’t launched yet.
#SEC批准3倍比特币ETF上市 $BTC