According to @KobeissiLetter, China’s margin trades reached a record 2.28 trillion yuan on Monday, surpassing the prior 2015 peak of 2.27 trillion yuan, with leveraged purchases climbing to roughly 2.2% of total market capitalization, source: @KobeissiLetter on X (Sept 2, 2025). Elevated margin balances increase sensitivity to price swings and can accelerate deleveraging during drawdowns, a dynamic well-documented in leverage and margin risk education, source: CFA Institute (Leverage and Margin). As crypto assets have grown more correlated with equities since 2020, large shifts in equity market leverage are material context for BTC and ETH risk sentiment monitoring, source: IMF Global Financial Stability Report 2022.