Bitcoin · Wall Street · SEC · CryptoSlate
On Oct. 2, the SEC approved exchange-listing rules for proposed 3x Bitcoin and Ethereum funds from VS Trust
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But what happens between buying the fund and being proved right?
Key facts
- On Oct. 2, the SEC approved exchange-listing rules for proposed 3x Bitcoin and Ethereum funds from VS Trust
- Bitcoin is +0.23% over the past 24 hours and currently sits at rank # 1 by market cap
- VS Trust's Oct. 7 amended filing lists a 1.85% annual management fee for both proposed products
- The Oct. 7 filing says the funds haven't begun trading, so none of this amounts to a record of returns from BITH or ETHK
Summary
01 Bitcoin can recover to its starting price while a daily-reset 3x fund remains deeply underwater. 02 Daily leverage compounds gains and losses, making volatile recoveries especially dangerous. 03 The proposed funds warn that shareholders could lose their entire investment in one day. Bitcoin's next recovery could vindicate your investment thesis but leave your leveraged fund deep in the red, because the fund's daily reset can make waiting a pretty expensive habit. Getting Bitcoin right and making money on Bitcoin are becoming two different skills, especially now that Wall Street is preparing products for people who don't find the ordinary version exciting enough.