Toscale: SEC Approves Leveraged ETFs as Zcash NU7 Activates (12h)

Crypto markets are digesting a structural shift in institutional access following the SEC's approval of leveraged Bitcoin and Ether products, while macro data from Turkey and the EU signals diverging inflationary pressures. Toscale tracks these developments as traders adjust to new volatility instruments ahead of critical US services data.

The Securities and Exchange Commission has approved a Cboe BZX rule change allowing six leveraged ETFs, including 3x Bitcoin (BITH) and 3x Ether (ETHK) products. This move provides traders with amplified exposure to crypto assets without direct ownership, marking a significant expansion of regulated derivatives access. The approval follows earlier regulatory steps for standard spot products, signaling a continued institutionalization of the asset class.

In parallel, Zcash has activated its NU7 upgrade on testnet, paving the way for a mainnet launch expected in November. The upgrade introduces faster block times and fee structure changes while phasing out legacy transactions. Price analysis suggests ZEC is testing key support at $1,254 with resistance near $1,505, though broader market sentiment remains sensitive to macro liquidity conditions.

On the macro front, Turkey’s Consumer Price Index came in significantly lower than forecast at 29.73% versus 30.3%, while EU Services PMI surged to 58.3 against a 53.0 forecast. These data points highlight regional economic resilience but contrast with upcoming US services indicators that will guide Federal Reserve policy expectations.

Calendar — past:

Turkey CPI printed 29.73% vs 30.3% forecast, easing inflation fears. EU Services PMI hit 58.3, well above the 53.0 estimate, indicating strong service sector activity. Sentix Investor Confidence fell to 2.7 from 5.1, suggesting cautious sentiment despite PMI strength.

Calendar — ahead:

The focus shifts to US ISM Services PMI forecast at 55.1, a key gauge of economic momentum. S&P Global Composite PMI is expected at 58.4, while ISM Services Prices Paid will track inflationary pressures in the services sector. Binance delisting event may impact liquidity for specific perpetual contracts.

Market read: Near-term crypto risk is elevated by the introduction of 3x leveraged ETFs, which could amplify volatility during US trading hours. The divergence between strong EU services data and weak Turkish inflation creates uncertainty for global liquidity flows. Traders will watch the ISM Services PMI closely; a miss below 55.1 could signal cooling demand, potentially dampening risk appetite. Support levels for major assets remain fragile as leveraged products introduce new liquidation dynamics. Any surprise in US services inflation will likely dictate the immediate directional bias for Bitcoin and Ether.