On September 28th, according to Bloomberg Intelligence data, as retail investors continue to pour into the highly volatile bitcoin market, leveraged trading.$MicroStrategy (MSTR.US)$ exchange-traded funds (ETF) net assets surpassed $0.4 billion this week.

Asset management company Defiance ETFs launched the first leveraged MSTR ETF in August. Subsequently, competitors REX Shares and Tuttle Capital Management jointly launched two higher leverage ETF products on September 18, triggering what Bloomberg ETF analyst Eric Balchunas referred to as the 'hot sauce arms race'.

REX and Tuttle stated that these two ETFs— $T-Rex 2X Long MSTR Daily Target ETF (MSTU.US)$And$T-Rex 2X Inverse MSTR Daily Target ETF (MSTZ.US)$ — respectively aim to provide MSTR with double-leveraged long and short exposure.

Balchunas stated in a post on X platform on September 27 that these ETFs attracted over $70 million in inflows in the first week of trading.

"I originally thought the market couldn't accommodate these two ETFs (especially in such a short time), but this indicates the strong demand for 'speed' in the market."

MicroStrategy was originally a business intelligence company. In 2020, when founder Michael Saylor began using the company's balance sheet to purchase bitcoin, the company effectively transformed into a crypto hedge fund.