Analysis: Leveraged crypto assets suffer heavy losses, strategy-related ETFs drop over 80% this year

Odaily reported that The Kobeissi Letter analyzed on the X platform that leveraged crypto assets have suffered heavy losses, with leveraged long ETFs related to Strategy experiencing significant pullbacks. 2x long products MSTX and MSTU have both declined by more than 82% this year, hitting their lowest levels since their listing in 2024. Another leveraged product, MSTP, has also dropped by about 81% since its listing in June 2025.

During the same period, the Strategy stock price has fallen about 46% this year, reaching its lowest point since February 2024. Since its launch in 2024, leveraged long and short ETFs linked to Strategy have fallen by more than 90% overall. Analysts believe the leverage effect is significantly amplifying the downside risk of crypto-related assets.