Shanghai Securities Journal

On Thursday local time (October 15), U.S. tech stocks experienced a sell-off, plunging into a deep correction at the opening. However, market sentiment stabilized and rebounded, with all three major indices recovering their losses and ultimately closing higher.

Since the end of 2020, as the price of Bitcoin continues to reach new highs, the borrowing rates have also risen rapidly, approaching the levels seen in March 2020 when Bitcoin experienced a significant drop, indicating that the market leverage is at a high level.