According to @KobeissiLetter, the S&P 100 to S&P 500 ratio has reached 0.50, the highest in 22 years, signaling outsized performance by the largest 100 stocks versus the broader index, source: The Kobeissi Letter. Over the last three years, the S&P 100 is up 109% versus 83% for the S&P 500, mirroring the 1990s phase when the ratio climbed about 0.10 points toward a near-record 0.55, source: The Kobeissi Letter. The source notes that matching the 2000 peak would require approximately another year of continued outperformance by the top 100, highlighting historically elevated concentration, source: The Kobeissi Letter. No direct crypto-market implications were provided by the source, source: The Kobeissi Letter.