Holiday debt could make January a stress test for markets

Households are heading into the new year with less financial breathing room than usual. Holiday spending hit new records in 2025, but it came with a growing reliance on debt, and that strain may soon ripple into risk markets, including crypto. At the same time, leverage across digital asset markets has quietly rebuilt. While the structures look more conservative than in previous cycles, the combination of consumer pressure, elevated leverage and a major derivatives reset could make early January unusuall ...