Deleveraging in U.S. stocks: 1. Margin debt has hit a record high, while investor credit balances have reached a record low. All the leverage that could be added has already been maxed out. 2. Meanwhile, fund managers are holding the lowest cash positions in history, and short positions in S&P 500 and Nasdaq 100 ETFs have also dropped to historic lows: bulls lack momentum, and there’s no fuel for a short squeeze. In a high-expectation environment, any point that doesn’t completely exceed expectations or any significant increase in costs could amplify sell-offs—last Thursday’s Microsoft was the first signal. From this perspective, $BTC is also following suit, but with greater volatility.