BREAKING: US margin debt dropped -$32 billion in March, to $1.22 trillion, the lowest since November 2025. This marks the 2nd consecutive monthly decline, totaling -$59 billion. However, margin debt is up +$341 billion YoY, or +39%, a rate of growth last seen during the 2021 meme stock frenzy. Since the 2022 bear market low, margin debt has surged +$570 billion, or +87%. Over the same period, the S&P 500 has risen +97%. The market is now highly reliant on leverage.(The Kobeissi Letter)