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Glonghui July 1st｜Goldman Sachs warns that the global leverage chain has extended to every corner — retail investors have poured nearly $200 billion into leveraged ETFs, institutions are piling up positions via TRS, and dealers' leverage has reached a historical mid-year peak. The S&P 500 financing rate once soared to the federal funds rate +127.5 basis points. The Korean market has further evolved into a “massive self-reinforcing feedback loop.” If a link in the financing chain breaks, a domino collapse could happen overnight.Goldman Sachs futures trading expert Robert Quinn pointed out in the latest weekly report that this week saw an “unprecedented” surge in stock financing costs, with dealers' leverage reaching a historical mid-year high. In September, the S&P 500 TRF financing rate once hit federal funds rate +127.5 basis points. The CME S&P 500 Index Adjusted Rate Total Return Futures (AIT TRF), which measures US stock financing costs, has climbed to the highest level since the end of 2024. Andy Kent from brokerage Kyte said, “Leverage has become one of the central themes faced by investors, margin debt is high, and borrowing across all segments of the shadow banking system continues to expand.”

According to an official announcement reported by Odaily, Bitget has completed the dividend distribution for 20 US stocks and ETFs, including rNVDA (NVIDIA), rGOOGL (Google), rMETA (Meta), and others. Bitget has automatically settled USDT dividend payments proportionally for users holding the relevant stocks at the snapshot time, without any action required from users. This dividend distribution covers multiple asset categories such as technology, medical, communication, and index ETFs. Users can view detailed information by navigating to the APP "Assets" - "Financial Records" - "Spot" - "Others" - "Dividend" or on the Web at "Asset Overview" - "Spot Orders" - "Fund Flow" - "Others" - "Dividend". The final credited amount and time are subject to the platform’s actual crediting and displayed information.

BlockBeats News, July 1st, according to Hyperinsight monitoring, on the previous day after a slight rebound, SK Hynix (SKHX) fell by 6.3% after the opening. Hyperliquid is currently priced at $1655, with a 24-hour trading volume of $430 million, ranking first in TradeFi contracts. On-chain funding is skewed to the short side, with open interest reaching $320 million. Among them, the nominal scale of large short positions is about $111 million, 1.44 times that of long positions ($76.9 million); the long position entry average is around $1784.57, and the short position is around $1649.88. One of the large long positions, 0x9dc (2x leverage, opened on June 24th at $1803.76), is facing resistance at a high level, with a scale of $31.68 million, making it the current largest long position, with unrealized losses expanding to $3.48 million within two days.