According to @KobeissiLetter, the S&P 500 opened at a new record high and is up about 39% from its April 2025 low, with roughly $16 trillion in market cap added since that bottom (source: The Kobeissi Letter on X, Oct 3, 2025). For crypto traders, BTC and ETH have historically shown periods of positive rolling correlation with the S&P 500 during risk-on regimes, making equity breakouts an important cross-asset signal for crypto directionality (source: Kaiko research on BTC–S&P 500 correlations, 2022–2023). Monitoring BTC and ETH price action around the U.S. market open and reactions to S&P 500 futures can help identify spillover volatility into crypto when equities set new highs (source: Kaiko research on cross-asset correlations, 2022–2023).

According to @KobeissiLetter, the S&P 500 has extended to record highs, up 38% since its April 2025 bottom, adding roughly $16 trillion in market capitalization over five months and ranking among the strongest 5-month advances on record. source: The Kobeissi Letter X post dated Sep 19, 2025 https://twitter.com/KobeissiLetter/status/1969124859075526883 IMF research documents that since 2020, crypto assets such as Bitcoin have become more correlated with U.S. equity markets, indicating that broad risk-on equity rallies can coincide with stronger crypto market beta and liquidity during synchronized cycles. source: IMF blog Crypto Prices Move More in Sync With Stocks, Posing New Risks by Adrian, Iyer, and Qureshi, Jan 21, 2022 https://blogs.imf.org/en/2022/01/21/crypto-prices-move-more-in-sync-with-stocks-posing-new-risks/ BIS analysis further finds meaningful spillovers between crypto and traditional financial markets, reinforcing the trading relevance of cross-asset sentiment for positioning in BTC and ETH during major equity rallies. source: BIS Bulletin No 53 Crypto shocks and spillovers to financial markets, 2022 https://www.bis.org/publ/bisbull53.htm