According to @KobeissiLetter, leveraged-long US equity ETF trading volumes reached about 26 billion dollars last week, the highest since the post-April sell-off recovery and the third-largest reading in at least 5.5 years when excluding April, source: The Kobeissi Letter on X, 2025-11-24 https://twitter.com/KobeissiLetter/status/1993046462326862265. According to @KobeissiLetter, this was characterized as a higher level of dip buying on leverage, indicating elevated risk-on behavior in US equities, source: The Kobeissi Letter on X, 2025-11-24 https://twitter.com/KobeissiLetter/status/1993046462326862265. According to the IMF, BTC’s correlation with the S&P 500 rose to roughly 0.36 in 2020–2021 from 0.01 in 2017–2019, showing that equity risk-on episodes have coincided with stronger BTC-equity co-movement, source: IMF Blog, Jan 11, 2022 https://www.imf.org/en/Blogs/Articles/2022/01/11/crypto-prices-move-more-in-sync-with-stocks-risk-appetite-on-rise. According to the BIS, crypto and equity markets have exhibited tighter co-movements during risk shocks, underscoring the relevance of equity leverage signals for digital assets, source: BIS Bulletin No. 57, 2022 https://www.bis.org/publ/bisbull57.htm.