According to Charlie Bilello, international equities gained 33% in 2025 versus 18% for US equities, a 15% outperformance that is the largest spread since 1993, source: Charlie Bilello, Twitter, Jan 1, 2026. For crypto traders, the IMF has documented that Bitcoin’s returns have moved more in sync with equities since 2020, implying that equity-led risk-on regimes can transmit to BTC and ETH performance, source: IMF, Crypto Prices Move More in Sync With Stocks, Jan 11, 2022. This update includes no direct crypto price or flow data, so positioning should be validated against crypto-specific metrics such as BTC spot volumes and stablecoin liquidity in addition to the equity backdrop, source: Charlie Bilello, Twitter, Jan 1, 2026.

According to @StockMKTNewz, the U.S. stock market closed the session lower today, signaling a risk-off finish at the cash close (source: @StockMKTNewz on X, Dec 1, 2025). IMF research shows stock-crypto co-movements strengthened materially post-2020, with BTC-S&P 500 daily return correlation around 0.36 in 2020-2021 versus near zero in 2017-2019, so a red equity close increases near-term spillover risk to BTC and ETH relative to pre-2020 norms (source: International Monetary Fund, Crypto Prices Move More in Sync With Stocks, Jan 2022). The IMF also reports a roughly 17-fold rise in volatility spillovers between Bitcoin and U.S. equities in 2020-2021 compared with 2017-2019, highlighting elevated cross-asset transmission risk after equity sell-offs (source: International Monetary Fund, Crypto Prices Move More in Sync With Stocks, Jan 2022).