According to @KobeissiLetter citing the latest AAII Investor Sentiment Survey, 44.3% of individual investors are bullish on the next six months for stocks, the highest since October 8, and near the 12‑month peak of 45.9% per AAII. Elevated retail bullishness near 12‑month highs has historically preceded below‑average short‑term S&P 500 returns, which many traders treat as a contrarian risk signal according to AAII research. For crypto, risk‑on equity sentiment is associated with stronger high‑beta behavior and rising BTC and ETH correlations with U.S. stocks, as observed in recent cycles according to Kaiko market data.