According to @cryptorover, U.S. consumer sentiment has dropped to its second-lowest level on record, falling below the 2008 financial crisis low. According to the University of Michigan Surveys of Consumers, the most widely tracked U.S. consumer sentiment benchmark is the University of Michigan Consumer Sentiment Index, which measures current conditions and expectations for household finances and business conditions. According to IMF research, crypto assets including BTC and ETH have become increasingly correlated with equities since 2020, heightening the risk that weak sentiment-driven equity moves spill over into crypto.

According to @KobeissiLetter, the ratio of the equal-weighted S&P 500 to the cap-weighted S&P 500 has dropped to 1.11, the lowest since May 2003 and below the ~1.18 low seen during the 2008 Financial Crisis, signaling sharply deteriorating market breadth (source: @KobeissiLetter). The source notes the equal-weighted index has lagged the cap-weighted index for five consecutive trading sessions, and the ratio has fallen rapidly from ~1.50 at the 2022 bear-market bottom, mirroring late-1990s-style narrow leadership (source: @KobeissiLetter). The source characterizes the backdrop as large-cap tech dominance, underscoring concentrated leadership as a key consideration for equity positioning and risk management (source: @KobeissiLetter). The source did not provide crypto-specific data or any references to BTC, ETH, or other digital assets (source: @KobeissiLetter).