According to @KobeissiLetter, US margin debt rose by 67 billion dollars in September 2025 to a record 1.13 trillion dollars, highlighting a rapid build-up in investor leverage, source: The Kobeissi Letter on X, Oct 17, 2025. @KobeissiLetter also reports that 5x leveraged ETFs have been proposed to the US SEC, a development that would materially increase accessible leverage in public markets if approved, source: The Kobeissi Letter on X, Oct 17, 2025. Leverage and margin calls are documented to amplify price swings and forced selling during stress, which heightens tail risk when aggregate margin debt is elevated, source: Federal Reserve Financial Stability Report, Nov 2023. For crypto, correlations between BTC and ETH and equities have strengthened in recent years, raising spillover risk from equity deleveraging into digital assets during volatility spikes, source: IMF Global Financial Stability Note, Jan 2022. Trading takeaways: reduce net and gross leverage, monitor equity volatility and liquidity conditions, and watch for deleveraging waves that can transmit to BTC and ETH via cross-asset risk channels, source: Federal Reserve Financial Stability Report, Nov 2023; IMF Global Financial Stability Note, Jan 2022.

According to @StockMKTNewz, Etsy plans to transfer its stock listing to the New York Stock Exchange from the Nasdaq; the post did not disclose an effective date or additional terms, which matters for short-term event timing; source: @StockMKTNewz. Once effective, primary trading and the opening/closing auctions would migrate to NYSE, a shift that can concentrate liquidity around those auction windows and alter intraday execution strategies; source: NYSE market model overview (NYSE). Exchange-specific indices rebalance based on listing venue rules, and Nasdaq-100 methodology removes constituents that are no longer Nasdaq-listed, so traders should verify any Etsy index membership to assess potential passive flow impacts; source: Nasdaq-100 Index Methodology (Nasdaq). For crypto-sensitive traders, equity volatility around listing transitions can spill over to BTC and ETH given documented stock–crypto correlations, so watch cross-asset risk sentiment during the transition period; source: International Monetary Fund research on rising crypto–equity correlation (IMF).