j

Sometimes we need to do wrong thing to make the right thing happen

[Phyrex @PhyrexNi]

美国投资者借出 1.53 万亿美元买股票，投资者加杠杆追逐历史新高

之前我一直在讲韩国散户通过杠杆 ETF、融资账户和 CFD 接下外资抛盘，现在美国市场也出现了同样的问题，只是规模更大，杠杆分布也更加广泛。

截至 6 月，美国券商账户的净信用余额单月下降约 700 亿美元，降至负 1.061 万亿美元，创下历史最低纪录。同期融资融券债务增加约 860 亿美元，达到创纪录的 1.53 万亿美元，已经连续第三个月上升。

净信用余额可以理解成投资者券商账户中的现金和信用余额，扣除融资债务以后还剩多少钱。现在降到负 1 万亿美元，说明投资者的现金缓冲越来越少，股票仓位对借款的依赖越来越高。

相比 2022 年熊市低点，美国净信用余额已经恶化约 8,000 亿美元。这一轮美股上涨的背后，除了企业盈利、AI 叙事和指数资金流入，融资资金的增加也是重点助推之一。

目前韩国市场的杠杆主要集中在三星电子、SK 海力士相关产品，美国市场的杠杆则广泛存在于整个券商体系。韩国散户是在外资撤离时加杠杆接盘，美国投资者是在指数不断上涨时继续借钱扩大股票仓位。

上涨阶段，股价抬高账户净值，投资者获得更多融资额度，新增借款继续进入股市，形成持续的机械买盘。市场转弱以后，账户净值下降、保证金比例上升，投资者需要补充现金或者卖出股票，原本推动上涨的融资资金就会变成机械卖盘。

说人话就是美国投资者正在用越来越少的现金，维持越来越大的股票和融资仓位。

韩国股市已经展示过高杠杆的副作用。杠杆可以在上涨时放大资金流入，也会在下跌时加快去杠杆。美股当前同时面对高估值和高融资，一旦新增资金放缓，越来越大的融资仓位会直接放大市场波动。

@Gate Crypto、美股、港股、韩股、黄金、CFD、预测市场一站交易

[j @jajoukaa]

@enigmarunes bc1peaam2sf7yk7f7wmcw5nnqkt3648jpdgv8z76hl58laam3hj5hd5sns6jdm

[j @jajoukaa]

Super excited about this project⭐️
Would be very grateful to get early access!😎

[Blast @blast]

Introducing Blast: The only Ethereum L2 with native yield for ETH and stablecoins.

We’ve raised $20m from @Paradigm and @StandardCrypto to build the L2 that helps you earn more.

Details on how to get early access at the end of the thread👇

[Blast @blast]

Introducing Blast: The only Ethereum L2 with native yield for ETH and stablecoins.

We’ve raised $20m from @Paradigm and @StandardCrypto to build the L2 that helps you earn more.

Details on how to get early access at the end of the thread👇

[Blast @blast]

23,368 users have joined the Blast Community in the past 24 hours.

Thanks to them, Blast has reached $81 Million in TVL in one day!

We're excited to share more with community members soon — there's much more to come!

[Anfield Edition | æ @AnfieldEdition]

Chelsea’s spending is now approaching more than the £800million mark in just 11 months — 3 transfer windows for Boehly.

FFP isn’t real.

[Instagram @instagram]

“I vote for my fellow girls of color, my sisters and homegirls, to promote our right to live and thrive joyfully and safely.”

—19-year-old author and activist @malavikawrites, who’s voting for the first time in a US presidential election ✨

https://t.co/eEXwDw6CX2

[Andy Is Missing @andy_is_missing]

//People who decided to risk their safety to flee believe there is little chance of a fair trial under an independent judiciary. For them, picking the most perilous route is the only #hope to live a #life in #freedom.//
#save12hkyouths

[Andy Is Missing @andy_is_missing]

Press Release:
https://t.co/GnUmN3GGMV
Excerpts 👇👇👇

[Solomon Yue @SolomonYue]

Why did #Xitler shut domestic flights down while allow infected Chinese people to travel abroad? This is like sending🇨🇳terrorist suicide bombers to kill. Thus, #ChinaVirus already killed 884,195 & infected 27,074,009 innocent people globally. Your Fuhrer is responsible 4 damages.

[Hong Kong Free Press HKFP @hkfp]

A young girl is tackled to the ground by riot police after attempting to flee during a pro-democracy protest in Mong Kok. Vid courtesy: HKUST Radio News Reporting Team. In full: https://t.co/nUaPabs9Zl #hongkong

[Galileo Cheng @galileocheng]

A 12yo girl scared, ran, and pushed down by riot police in Mong Kong via HKUST Radio News Reporting Team. @appledaily_hk interviewed her mum, said she only buying paint for schoolwork with her brother https://t.co/a5oUWQODLy #HongKongProtests

[Joshua Wong 黃之鋒 😷 @joshuawongcf]

#HKpolice dragged a #HKer on the ground for 10m+, just because he urged resuming #Legco2020 Election & releasing the 12 #Asylumseekers now detained in #China w/o access to lawyers. Now all slight expression of demand faces #policebrutality under #nationalsecuritylaw. #policestate

[Clifford Stott @cliffordstott]

Horrific

[Nathan Law 羅冠聰 @nathanlawkc]

Watch how the Hong Kong police treated this frightened girl who was only walking on a shopping street.

#FreeHongKong
#StandWithHongKong

[KamMoLing @yautsimmongkml]

@nytimesworld HK is genuinely a police state where innocent citizens will be arrested arbitrarily and dragged on the ground suddenly by #HKPoliceTerrorists .

Why are they so scared? Seems that they are too fragile to opposing voice.

[Adrià Ballester 🍎 @adria_ballester]

You decide in which side you are.

#freehongkong #BoycottMulan #LiuYifei #AgnesChow

[Nikki 🇺🇸 🌸 @nikki_miumiu]

Updated footage by @StandNewsHK
#HongKong police escorted Tam from his house, he said “ cops damaged the lock of my house’s door, took away lots of my stuff. They said my speech btw March to July alleged violate national security law.”

#快必被國安部押解回警署

[Jack Hazlewood @JackHHazlewood]

Per @AppleDaily_HK, the girl in this video is 12 years old, & was on her way to buy crayons with her brother when she was viciously wrestled to the ground, kicked & pinned down by riot police. Their injuries are currently being examined.

Hong Kong, 2020.

[Simon Henderson @simjhenderson]

Many children in #HongKong are growing up terrified of police.

The use of force in this circumstance for a 12yr old girl appears to be neither neccessary or proportionate #childrights