BITX: Leveraged Bitcoin ETFs, a Mechanism That Devours Capital
The ProShares Ultra Bitcoin ETF (BITX) shows a 2× beta on the upside - and on the downside. Volatility decay isn't a detail: it's the core of the issue.
Jun 23, 2026 at 02:45 4 4
Bitcoin spot ETFs: -$4 billion in June 2026, worst month since launch
In June 2026, spot bitcoin ETF holders voted with their feet: $4 billion in net redemptions in a single month, a record since the launch of the products in the United States in January 2024. The mechanism is clear—and microstructure signals confirm it.
Jun 29, 2026 at 09:03 9 11
Yuki Tanaka
Bitcoin Weekly Wrap: Microstructure in Breakout Zone 2 Days Before Quarterly Close
BTC flirts with its two-year low on the eve of a quarterly close that could confirm a setup unseen since 2022—and reignite the question of the cycle's floor.
Jun 28, 2026 at 15:39 12 11
Yuki Tanaka
BOJ hawkish confirmed, dollar at 13-month high: JPY carry trade enters turbulence zone
The Bank of Japan reveals a pro-hike consensus in its June Summary of Opinions. Meanwhile, the dollar reaches a 13-month high against Asian currencies. The JPY carry trade mechanism enters its phase of maximum tension.
Jun 25, 2026 at 03:01 10 8
Heinrich Vogel
Bitcoin: Liquidity Dries Up, Wintermute Targets a Floor at $59,000 - Microstructure Analysis
Bitcoin hovers around $62,800 on June 24, 2026, but trading firm Wintermute identifies a risk of a drop to $59,000: no ETF bids for three sessions, slightly negative funding rates, rising correlation between tokens-all signals of a coordinated macro liquidation.
Jun 24, 2026 at 10:00 13 7
Yuki Tanaka
BITX and Leveraged Bitcoin ETFs: Beta Slippage in Action During the June 2026 Correction
The June 2026 Bitcoin correction perfectly illustrates why leveraged ETFs (2x) like BITX structurally destroy value during periods of volatility-regardless of market direction.
Jun 23, 2026 at 12:57 7 4
