According to @EricBalchunas, he wagered on ETF IQ that U.S. small caps will lag large caps through year-end 2025, signaling a bearish small-cap versus large-cap relative view. Source: @EricBalchunas on X, Sep 8, 2025. This view maps to favoring S&P 500 large-cap exposure over Russell 2000 small-cap exposure, typically tracked via SPY versus IWM for relative performance. Source: State Street Global Advisors, SPDR S&P 500 ETF Trust (SPY) fund description; iShares, iShares Russell 2000 ETF (IWM) fund description. Crypto traders should note that Bitcoin has shown periods of elevated correlation with U.S. equities since 2020, making equity leadership trends a relevant risk indicator for digital assets. Source: International Monetary Fund, Crypto Prices Move More in Sync With Stocks, 2022.