SEC Clears 3x Leveraged BTC and ETH ETPs: BTCUSDT Up 0.39%, COINUSDT Down 5.97%

One headline, several different answers

The SEC approved 3x leveraged Bitcoin and Ethereum ETPs, a move widely read as supportive of sentiment around crypto assets, crypto-linked equities and leveraged ETF trading. Across the reviewed Binance USDT-margined perpetual contracts, this week did not produce one direction: BTCUSDT rose 0.39%, ETHUSDT rose 0.18%, MSTRUSDT rose 1.64%, and COINUSDT fell 5.97%. Same news, three gainers and one decliner, and none of the gains were large. For contract traders, the useful question is not the headline itself but what price actually did after it landed.

How each day moved

Daily moves for the pairs, 2026-09-27 through 2026-10-04.

Date	BTCUSDT	ETHUSDT	COINUSDT	MSTRUSDT
2026-09-27	0.04%	-0.28%	-0.56%	0.32%
2026-09-28	-1.15%	0.01%	-1.63%	-2.22%
2026-09-29	0.2%	-0.4%	-1.22%	-0.92%
2026-09-30	-0.06%	0.29%	-1.98%	-1.6%
2026-10-01	1.5%	0.76%	1.77%	5.08%
2026-10-02	-0.41%	-1.4%	-3.51%	-0.55%
2026-10-03	0.27%	0.7%	0.51%	1.9%
2026-10-04	0.06%	0.23%	0.02%	0.11%

Three days stand out. On 2026-10-01 all closed higher, with BTCUSDT up 1.5%, ETHUSDT up 0.76%, COINUSDT up 1.77% and MSTRUSDT up 5.08%. On 2026-10-02 it flipped: COINUSDT fell 3.51%, ETHUSDT fell 1.4%, BTCUSDT fell 0.41% and MSTRUSDT fell 0.55%. From 2026-09-28 to 2026-09-30, COINUSDT fell three sessions in a row at 1.63%, 1.22% and 1.98%, while BTCUSDT moved -1.15%, 0.2% and -0.06%. BTCUSDT went from open=84433 USDT on 2026-09-28 to close=84763.7 USDT on 2026-10-04, a small net move.

Where this week sits in the samples

BTCUSDT has 200 weekly samples and 92 weeks stronger than this one, placing it just above the middle of the sample. Among stronger weeks: 2023-01-09 gained 21.95%, 2023-03-13 gained 27.15%, 2024-02-26 gained 22.05% and 2026-08-17 gained 23.61%. Against those raw values, this week's 0.39% is a different scale.

ETHUSDT also has 200 weekly samples, with 97 weeks stronger than this one. Its stronger weeks include 2023-01-09 at 20.46%, 2024-05-20 at 24.68%, 2024-11-04 at 29.62%, 2025-05-05 at 39.03% and 2026-08-17 at 31.32%. This week's 0.18% is light next to those.

The two equity-linked pairs have shorter samples. COINUSDT has 34 weekly samples with 26 weeks stronger than this one, and this week fell 5.97%; its stronger weeks include 2026-04-13 at 21.42%, 2026-06-29 at 17.05% and 2026-08-17 at 26.18%. MSTRUSDT has 34 weekly samples with 15 weeks stronger than this one, and this week rose 1.64%; its stronger weeks include 2026-04-13 at 28.39%, 2026-06-29 at 30.27%, 2026-08-17 at 28.64% and 2026-09-14 at 21.61%. Both have seen far larger weeks.

What the trending posts say

Trending posts on the Square argue that the SEC approval of 3x leveraged Bitcoin and Ethereum ETPs will lift sentiment around crypto assets, crypto-linked equities and leveraged ETF trading (relayed, not the site's view). The chain of reasoning is that a leveraged ETP gives traditional accounts a multiplied channel, and attention then flows toward BTC, ETH and names like COIN and MSTR.

This week's data shows a gap between sentiment and price. BTCUSDT rose 0.39% and ETHUSDT rose 0.18%, both small; COINUSDT, often framed as a beneficiary, fell 5.97% and was the only decliner among the reviewed pairs. The posts describe a transmission path; the data shows how far it travelled this week. Both can hold at once, but neither replaces the other.

Three things easy to miss

First, gaps are more visible in equity-linked pairs. COINUSDT and MSTRUSDT track US equity underlyings whose sessions do not fully overlap with crypto hours, so single-day moves such as MSTRUSDT up 5.08% on 2026-10-01 or COINUSDT down 3.51% on 2026-10-02 partly reflect session mismatch rather than continuous intraday trading.

Second, leveraged products amplify volatility, not direction. A 3x leveraged ETP structure magnifies outcomes in both directions; it changes magnitude, not where the underlying goes. This week BTCUSDT rose 0.39% and ETHUSDT rose 0.18%, small bases to begin with.

Third, funding and high leverage are different things. Perpetual funding reflects the cost of holding positions on each side and moves with the market rather than sitting on a fixed line; high leverage compresses room to absorb moves, so a small adverse move can force position reduction. And the best weeks are conclusions in hindsight: 2023-01-09 at 21.95% and 2024-02-26 at 22.05% were labelled after the fact, not claimed in advance.

Trading costs this week

Binance contract default maker fee is 0.02% and default taker fee is 0.05%. The rebate ratio is 20%, leaving an effective maker fee of 0.016% and an effective taker fee of 0.04% after the rebate. Set against this week: BTCUSDT rose 0.39% and ETHUSDT rose 0.18%, while the default taker fee of 0.05% takes a slice on a single round trip, so higher frequency erodes results further.

Source: https://fapi.binance.com/fapi/v1/exchangeInfo

Data as of 2026-10-04; source: Binance official API. Not investment advice.

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Correction (2026-10-06): an earlier version described this week's position in the weekly sample the wrong way round; it has been corrected using rank = number of stronger weeks + 1.