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.