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Just found out that ProShares is stopping their plans for a 3x leveraged Bitcoin ETF due to SEC concerns. They say this product can't accurately reflect the extreme volatility of Bitcoin, Ether, XRP, and Solana—could cause investors to lose money very quickly.
What surprised me is that Bloomberg Intelligence data shows there have been more than 350 trading sessions where at least one asset moved 33% in a day. If that's the case, the 3x leverage fund could drop immediately. So it's not without reason that the SEC is worried about products like the 3x leveraged Bitcoin ETF.
ProShares has already withdrawn their documents to fix these issues before proceeding. No one knows when it will be approved again, but in any case, this shows regulators are serious about risky leveraged products like this.