Bullish Drivers Remain In Play Despite Germany's Bitcoin Sales and Mt. Gox Reimbursements

"Whenever U.S. margin debt increases, we hear calls of a bubble forming in the U.S. equity markets. However, unlike in previous bubble episodes (including 2020-21), margin debt is growing less than the equity market capitalization. Rather than being a driver of equity performance, it is likely a consequence. This is unsurprising given the current high level of interest rates, which is not conducive to leverage increases, TS Lombard said in the July month's note to clients.