The U.S. stock market might not be far from a leveraged pullback. Notice I said pullback, not crash. Once leverage is cleared, the uptrend will continue. The trading volume ratio of leveraged long ETFs to leveraged short ETFs has risen to about 3.3, the highest level since July 2024. In other words, the trading activity of leveraged long ETFs is more than 3 times that of leveraged short ETFs. This ratio has more than doubled since late March, reaching peak levels similar to those seen during the market recovery after the 2020 pandemic crash. The only other period that significantly exceeded the current level was the 2021 meme stock frenzy, when this metric surged to around 6.0. At the same time, the assets under management (AUM) of U.S. leveraged ETFs have hit a record $180 billion, increasing by about $75 billion over the past 12 months. Investors are currently extremely bullish.