According to @KobeissiLetter, since 1928 the S&P 500 has finished December higher 73.2% of the time, the highest win rate of any month, with only 26 of the last 97 Decembers closing negative (source: The Kobeissi Letter on X, Nov 30, 2025). For trading context, crypto desks track this equity seasonality because studies documented time‑varying positive BTC–US equity correlations in the 2020–2023 period, making year‑end risk conditions in stocks a relevant input for BTC and ETH exposure sizing (source: Coin Metrics State of the Network research; Bank for International Settlements research on rising crypto–equity co‑movement).