According to Charlie Bilello, the percentage of Bears in the Investors Intelligence sentiment index has dropped to 13.5%, below 98% of historical readings and the lowest level since January 2018 (source: @charliebilello on X and YouTube). According to Charlie Bilello, the last similar extreme in January 2018 was followed by a roughly 10% correction and a down year for the S&P 500 (source: @charliebilello on X and YouTube). According to Charlie Bilello, this extreme optimism is a cautionary sentiment signal for $SPX rather than a bullish confirmation (source: @charliebilello on X and YouTube). According to Coinbase Institutional research, equity risk-off episodes have historically coincided with elevated volatility and pressure across crypto majors like BTC and ETH, making this $SPX sentiment extreme relevant for crypto traders monitoring cross-asset risk (source: Coinbase Institutional).