Bitcoin has fallen around 30% in US dollars this year, measured on weekly closes since the first full trading week of 2026. Ethereum has dropped around 42% over the same period. Meanwhile, our 3X short ETPs gained over that time, and our 3X long ETPs took heavy losses.
But none of the four products have returned exactly three times their coin's move year-to-date (in either direction). That's expected – these ETPs target three times daily moves. The path they take over longer periods can pull returns away from those 3X targets.
Bitcoin: how our long and short ETPs performed
Our 3X Bitcoin ETPs each aim to move three times as much as bitcoin does in a day, before fees. The long ETP moves in the same direction, and the short ETP moves in the opposite.
The chart below shows bitcoin against both ETPs this year. Bitcoin fell around 30%, the short ETP gained around 45%, and the long ETP lost around 79%.
Source: TradingView | Weekly closing prices, first full trading week of 2026 (starting 5 Jan) to 12 Jul.
Past performance is not a reliable indicator of future results.
Notice that the short ETP gained less than the 90% that simple 3x maths would suggest. It built most of its gains in February and June, when bitcoin fell fast for weeks at a time. Each day's gain compounded on a bigger base. But when bitcoin bounced in the spring, its daily losses compounded on that bigger base too – and some of the gains slipped away.
The long ETP shows the same effect in reverse. It lost around 79% rather than the full 90%, because each day's loss compounded on a shrinking base. We explain the mechanics in How a 3x Short Bitcoin ETP Works Over Time.
Ethereum: same story, bigger moves
Ethereum dropped around 42%, its short ETP gained around 57%, and its long ETP lost around 89%. The chart below tells a similar story to bitcoin's – just with bigger moves in both directions.
Source: TradingView | Weekly closing prices, first full trading week of 2026 (starting 5 Jan) to 12 Jul.
Past performance is not a reliable indicator of future results.
Three times a 42% drop implies a 126% loss – which is impossible with these ETPs. You can't lose more than the amount you invest.
Both charts carry the same lesson. These products reset their leverage daily, so they are typically better suited to short-term trading (rather than long-term holding). The longer the holding period, the further returns can drift from three times the coin's move – in either direction.
Leverage Shares offers 3X long and short Bitcoin and Ethereum ETPs. Capital at risk.
Key takeaways
- Bitcoin is down around 30% and Ethereum around 42% so far in 2026. Our short ETPs gained around 45% and 57%, while the long ETPs lost around 79% and 89%.
- The short ETPs compounded their gains in fast declines, and the spring bounce pulled some back. The daily path drove every result.
- These products typically suit short-term trading. Held longer, returns may drift well away from three times the coin's move.
Your capital is at risk if you invest. You could lose all your investment. Past performance is not a reliable indicator of future results.
