Leveraged tokens are absolutely terrible in the long-term. This is the cost you pay for the "no-liquidation" perk.
Go read up more about them, but they re-balance every day, meaning when the market is not volatile, you lose money, when the market is going up, you lose money.
Honestly, unless you expect bitcoin to repeatedly go down in a manner that each day is a red candle increasing the value of your leveraged token, there's no way you're going to make money.
To put it into perspective, go look up the BTCBULL token price from January 2021 (~30-40k) to Nov 2021 (2nd ATH), and you'll see it also has lost value.
Next time read up on leveraged tokens and how they work.
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Yes I assume that's right, it's validate what I just read on blogs etc. It's not really how FTX was marketing these tokens, though. Maybe if I had got into the fine print on their site. But on the other hand, I would have lost everything if they worked in the way I interpreted them to work. But very well just found it interesting to trade for a while, not the end of the world. Then yes that seems reasonable that the bulls from Jan 2021 was still in a loss Nov 2021 because the levels around the ATH was just brief.