融资债务升至1.53万亿美元，美国投资者杠杆追高

Odaily Odaily reported that crypto KOL Phyrex stated on platform X that U.S. investors are chasing the highs of the stock market with increasingly high leverage. As of June, the net credit balance of U.S. brokerage accounts decreased by approximately $70 billion in a single month, falling to negative $1.061 trillion, hitting a record low. During the same period, margin debt increased by about $86 billion to $1.53 trillion, rising for the third consecutive month and setting a new record.

Phyrex noted that the continuous deterioration of the net credit balance indicates a reduction in investors' cash buffers and an increased reliance on borrowing to maintain stock positions. Currently, leverage in the U.S. market is widespread across the entire brokerage system. During upward trends, rising stock prices increase account equity, thereby releasing more margin capacity and creating mechanical buying pressure. However, once the market weakens, margin pressure may force investors to either inject additional cash or sell stocks, transforming the leverage that previously drove the rally into mechanical selling pressure. Phyrex believes that the U.S. stock market is currently facing a combination of high valuations and a high-leverage environment. If new capital inflows slow down, leveraged positions could further amplify market volatility.