According to Charlie Bilello, the S&P 500 (SPX) was down over 15% year-to-date on April 8 last year, then rallied roughly 37% to finish the year up over 17% while recording 39 all-time highs, which he describes as one of the greatest market comebacks in history (source: Charlie Bilello). According to IMF research, stock–crypto correlations strengthened after 2020, so equity rebounds of this magnitude often coincide with improved risk appetite in BTC and ETH, making SPX trend a key macro signal for crypto traders (source: IMF).