This research examines the primary factors contributing to financial system instability, with an emphasis on leveraged ETFs that involve long and short positions in alternative forms of currency. Utilizing the sophisticated approach of network connectedness and daily data from the inception of ETFs for digital, fiat, and metal currencies, our findings show that while precious metal-based ETFs shield investors from variations in fiat or digital investments, cryptocurrency ETFs provide better protection against both metal and fiat ETFs during bear markets but lose stability during bull markets. The primary stabilizer against short positions is gold, as these positions destabilize other forms of currency during bull markets, while sub-leading currencies such as silver and Ether heighten systemic risk. If national currencies were absent during bull markets, it would lead to bubbles in gold and silver and cause serious systemic instability down the line. These findings offer new insights into the intricate dynamics of alternative monetary tools and demonstrate how they contribute to systemic risk within the current fragile monetary system. Moreover, this paper provides a compass to interested investors and policymakers by shedding light on how systemic resilience can be amplified or mitigated depending on the type of assets considered. Leverage being a protagonistic phenomenon for the outbreak of crises makes leveraged ETFs function as fuel for over-enthusiasm but potentially for abrupt turmoil.