According to @KobeissiLetter, the S&P 500 ETF (SPY) has gapped up at the open on 69% of trading days over the last six months, the highest since 1997 and slightly above the 1999 Dot-Com run, versus a ~53% long-term average, source: @KobeissiLetter, Oct 31, 2025. The share of gap-up days has risen by 20 percentage points since the April low, underscoring historically strong bullish momentum, source: @KobeissiLetter, Oct 31, 2025. Trading takeaway: elevated gap-up frequency favors momentum-continuation setups after the cash open and reduces the edge of automatic gap-fade shorts, with risk controls needed for open-drive volatility, source: @KobeissiLetter, Oct 31, 2025. Crypto impact: with US equities exhibiting historic momentum per the source, traders can monitor BTC and ETH around the US open for potential risk-on spillovers, though the source provides no direct crypto data, source: @KobeissiLetter, Oct 31, 2025.