Chinese investors are going into debt like crazy to buy stocks. It's a curious phenomenon. The appetite for risk seems to be back in the global markets. But beware, in the crypto world things are different. There, they are rather on the lookout.

Leverage in Chinese markets is through the roof. 2.5 trillion yuan, a record figure. We haven't seen anything like this since 2015. It's as if people have lost their fear.

The CSI 300 is skyrocketing this year. It has risen by 12%, more than the S&P 500. Economists have their theories. Low rates, boring bonds, few alternatives... Everything adds up.

But in crypto, it's not the same. The funding rates are calm, between 4% and 8%. Nothing crazy. The fear and greed index is around neutral. It seems that crypto traders are more cautious. Or maybe wiser, who knows.

Some experts warn that this time is different. The Chinese economy is not growing as it did before. And the yuan is strengthening against the dollar. There may be a message in that.

In the end, two parallel worlds. Chinese stocks in the midst of a credit party. Cryptos, more tranquil. Each market dances to its own rhythm, it seems.