The SEC approved the first 3x leveraged Bitcoin and Ether ETPs in the US on Oct 3, and the listing is set for Cboe, which got approval for six funds, according to Coinpedia, Crypto Briefing, and TokenPost. The catch: trading hasn't begun.
Coinpedia's market note says the approvals are final but investors will still wait for the products to actually open for trading. On the same day, CryptoSlate reports hackers used a third-party Aave tool to drain 114 ETH.
Six funds cleared for a Cboe listing
The approvals make this the first US listing of 3x leveraged crypto funds. A leveraged ETP is a fund that trades on an exchange like a stock and tries to move more than the asset it tracks. The "3x" part means each fund aims to deliver three times the daily move of its underlying asset.
If Bitcoin rises 1% in a day, a 3x fund tries to gain about 3%. If Bitcoin falls 1%, it tries to lose about 3%. Six such products got the nod, and Cboe is the venue, per Coinpedia's coverage of the Cboe listing.
Crypto Briefing and TokenPost both confirm the US is now the first market with approved 3x leveraged Bitcoin and Ether ETPs. What changes for a regular investor is access: these funds can be bought through a normal brokerage account instead of a crypto exchange.
The 114 ETH theft went through a tool, not Aave itself
CryptoSlate reports that hackers exploited a third-party Aave tool and stole 114 ETH. The distinction matters. Aave is a lending protocol where people deposit crypto and earn interest, or borrow against their deposits.
Third-party tools are separate apps and services built around it, made by other developers. That means the breach hit the tooling layer around Aave rather than the lending protocol's core contracts. CryptoSlate attributes the loss to that third-party tool.
The amount taken, 114 ETH, is the figure given. What happens next is not in the reports, so the figure to watch is whether that total grows as more users of the tool are accounted for.
The Oct 3 price picture
Coinpedia's Oct 3 report tracks Bitcoin and Ethereum prices through the day, and the backdrop is these two big stories. The SEC approvals give traders a new way to bet on both coins with leverage through regulated products.
The Aave theft puts some pressure on the DeFi tooling narrative, since Aave sits in that same corner of the market. Neither development changes Bitcoin's or Ethereum's supply or demand directly. Both change what people can do around them.
A trader who wants amplified exposure can wait for the six new funds to start trading. A user of Aave-adjacent tools has a reason to check which service they are actually using.
Day by day is the point of the 3x
The leverage in these funds resets every trading day. That sounds like a small detail and it isn't. Because each day's 3x move applies to that day's starting price, the fund can drift far from a simple "three times Bitcoin" over weeks.
In a choppy market it can fall behind even when Bitcoin ends up roughly flat. That's the mechanism behind the risk warnings that come with products like these, and it's why they are framed for short holding periods.
The concrete things to track now: the first trading date for the six Cboe funds, which Coinpedia says has not been set in the approvals coverage, and the final tally of the Aave tool theft, which CryptoSlate puts at 114 ETH for now.