Skip to navigationSkip to main contentSkip to right columnMichael WilliamsSat, June 6, 2026 at 8:15 PM GMT+2 7 min readQuick ReadCONL's daily-reset 2x leverage turned COIN's 7% single-day drop into a 14% loss, and volatility decay has compounded that into an 80% trailing-year decline.The SpaceX IPO on June 12 could pull roughly $22.5 billion in retail capital away from crypto, extending CONL's losing streak further.Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and Coinbase didn't make the cut. Grab the names FREE today.If you put $10,000 into the GraniteShares 2x Long COIN Daily ETF (NASDAQ:CONL) at Thursday's close and checked the account Friday afternoon, you had about $8,556. The fund posted a 14% loss on June 5, 2026, closing at $4.80 after opening the session at $5.61 a 14% loss on June 5, 2026, closing at $4.80 after opening the session at $5.61. The catalyst was not subtle. Bitcoin cracked, Coinbase (NASDAQ:COIN) followed, and the leveraged wrapper did exactly what its prospectus says it will do.Here is the arithmetic in plain dollars. COIN closed Thursday at $164.13 and finished Friday at $152.40, a one-day decline of 7%. CONL is structured to deliver two times the daily return of COIN before fees, so the math lands almost exactly where you would expect, with a fractional cushion of slippage. The fund's gross and net expense ratio is 1.10% per the GraniteShares summary prospectus dated April 27, 2026, which barely registers on a one-day move but compounds aggressively over weeks. And weeks are where this story gets ugly.Friday's loss is the headline, but the headline understates what holders have actually lived through. CONL is down 36% over the past week (from $7.50 on May 29 to $4.80 on June 5), down 44% over the past month, and down 67% year to date from a $14.65 start on December 31, 2025. Over the trailing year the fund has lost 80%, going from $23.82 to $4.80. COIN itself was nowhere near as brutal over the same windows. Coinbase is down 19% on the week, 23% on the month, and 33% year to date. The gap between roughly 2x the underlying on any single day and far worse than 2x over a month is the volatility-decay tax, and it is the single most important thing to understand about owning this kind of product.Daily-reset leverage rebalances every afternoon. If COIN falls 7% one day and rises 7% the next, COIN is down about half a percent. CONL is down closer to 2%, because the second day's gain is calculated off a smaller base. Inside a sustained uptrend with low day-to-day chop, the geometry works the other way and you get more than 2x. Inside a choppy decline like the one crypto-linked equities have been grinding through since February, the geometry eats you alive. That is what is in the numbers.Terms and Privacy PolicyPrivacy & Cookie SettingsMore Info