Levered crypto plays are getting crushed: The 2x leveraged long MicroStrategy ETFs, MSTX, and MSTU, are both down -82% year-to-date, trading at their lowest levels since their 2024 debuts. At the same time, the 2x leveraged long MicroStrategy ETF, MSTP, is down -81%, also at its lowest since its June 2025 launch. This comes as MicroStrategy, MSTR, has dropped -46% year-to-date, down to its lowest level since February 2024. Last week alone, MSTX, MSTU, and MSTP nearly halved in value, as MSTR declined -27%. Meanwhile, both long and short leveraged ETFs tied to MicroStrategy that launched in 2024 are down more than -90% since inception, even as billions of dollars have flowed into the funds. Leverage is magnifying losses across the crypto market.(The Kobeissi Letter)