According to CoinMeta, Castle Securities stated that even after the cooling down of retail speculative trading, the forces driving U.S. stocks to record highs remain strong. Scott Rubner, head of equity and equity derivatives strategy at Castle Securities, said that the market is shifting from being driven by capital flows to an environment determined by earnings, corporate demand, and the macroeconomic backdrop. Data from Castle Securities shows that the withdrawal of retail investors has caused the scale of leveraged ETF assets to decline by 28% to $154 billion. The decrease in financing costs for stock positions has alleviated pressure on Wall Street's trading departments, as well as the demand for leveraged funds. Strong earnings performance is beneficial to the U.S. stock market, and corporate repurchase demand is expected to accelerate.