According to The Kobeissi Letter, leveraged long equity ETFs have seen a significant decline in assets, dropping $15 billion this quarter to $80 billion, marking the lowest level since Q1 2024. This decline has erased nearly 75% of the asset under management gains over the last three quarters. Despite this downturn, the total assets in leveraged long funds remain 2.5 times the size compared to previous benchmarks. Traders should be cautious of the volatility in leveraged funds and adjust strategies accordingly.