According to @KobeissiLetter, the top 10 US stocks now have a combined market cap of 24.5 trillion dollars, which is roughly five times the total value of Europe’s Euro Stoxx 50 constituents, source: The Kobeissi Letter, Nov 10, 2025. @KobeissiLetter also states the top 10 are about five and six times larger than the sizes of Germany’s and Japan’s economies, respectively, source: The Kobeissi Letter, Nov 10, 2025. The top five US stocks alone are valued above the combined economies of Germany, Japan, India, and the UK, underscoring large-cap US dominance, source: The Kobeissi Letter, Nov 10, 2025. Traders may monitor this concentration backdrop when sizing index exposure and cross-asset risk appetite relative to alternative risk assets such as BTC and ETH, source: The Kobeissi Letter, Nov 10, 2025.

According to The Kobeissi Letter, Japan's economy contracted by -0.7% in Q1 2025, marking the first decline in a year and more than doubling economists' expectations (source: The Kobeissi Letter, May 16, 2025). This GDP data does not factor in the reciprocal tariffs imposed on April 2, suggesting further downside risk. Traders should monitor heightened volatility in the Japanese yen and Nikkei index, as recession fears could spill over into the global cryptocurrency market, particularly impacting Bitcoin and stablecoin trading pairs due to risk-off sentiment and capital flows (source: The Kobeissi Letter).