According to @KobeissiLetter, total US public equity market capitalization has reached a record 72 trillion dollars, now more than 3.5 times the size of developed Europe’s market and over 3.5 times China and Hong Kong combined, source: The Kobeissi Letter, Dec 28, 2025. For trading, this concentration and scale are relevant because empirical analysis shows Bitcoin’s correlation with US equities rose markedly after 2020, making US risk-asset trends a material input for BTC and ETH positioning, source: International Monetary Fund, Crypto Prices Move More in Sync With Stocks, 2022. The Bank for International Settlements also documents significant spillovers between crypto assets and traditional markets, reinforcing the need to monitor US equity momentum when managing crypto exposure, source: Bank for International Settlements, Crypto shocks and spillovers to traditional assets, 2022.