According to @KobeissiLetter, the S&P 500 is up 31% over the last five months, the biggest since the 2020 recovery and the third-largest five-month gain in 20 years, just 1 percentage point behind the post-2008 rebound of 32%, with 16.6 trillion dollars in value added since the April 8 low, exceeding every individual stock market outside the United States as reported on X on September 11, 2025. According to Kaiko Research, crypto and US equities correlations are regime-dependent and have turned strongly positive during broad risk-on phases such as 2020 to 2021, making S&P 500 momentum a relevant input for positioning and risk management in BTC and ETH today.