The crypto market’s rally

was fueled by debt, with traders using leverage, leading to significant liquidations during recent selloffs.

Bitcoin has lost approximately 27% of its value since its October record high, falling to $92,000, its lowest since April.

Outstanding crypto loans reached a record high of around $74 billion in September, surpassing the 2021 peak of $69 billion.

WSJ 18 November 2025

https://www.wsj.com/finance/currencies/crypto-stock-market-gains-losses-c25a2124


Margin debt is at a record high $1.13 trillion

oktober 25, 2025

https://englundmacro.blogspot.com/2025/10/margin-debt-is-at-record-high-113.html


https://englundmacro.blogspot.com/2025/11/godmorgon-19-november-2025.html




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