U.S. stock market margin debt just hit $1.21 trillion in November 2025—a fresh record according to FINRA's latest data. Total debit balances across securities margin accounts have climbed to unprecedented levels.

This surge in leverage tells you something about market sentiment right now. When traditional finance is this aggressive with borrowed capital, it usually signals elevated risk appetite across the board. For crypto traders watching the broader economy, this is worth paying attention to.

Historically, extreme margin readings have preceded significant market corrections. The question isn't whether leverage will unwind—it's when and how hard it hits. With both stock and crypto markets moving in closer correlation lately, spikes in traditional market debt could ripple across digital assets faster than most expect.