The 3-month and 6-month rolling inflows of stock ETFs have hit record highs, and 2x leveraged assets are also setting new records. Meanwhile, the asset size of cash-type ETFs is shrinking. Major Wall Street investment banks are generally bullish, expecting a good market this year. To be honest, I myself lean towards a bullish stance, but the current market does feel a bit overheated. Continuous inflows into high-risk instruments, persistent decline in cash reserves, and highly consensus institutional views—these signals combined give a strong sense that there is a bubble atmosphere.