According to @KobeissiLetter, a Friday note called for a move into 6900+ by year-end and they now report the S&P 500 at record highs with $SPX longs up about +110 points on this move, source: @KobeissiLetter on X, Dec 24, 2025. For cross-asset traders, equity breakouts have historically coincided with stronger crypto risk appetite in several regimes, with BTC’s rolling correlations to U.S. equities rising during risk-on phases, source: Kaiko Research 2023 Market Structure Review; Coin Metrics State of the Network 2022–2023. Key read-through: sustained SPX momentum typically aligns with improved crypto spot liquidity and tighter spreads, aiding BTC and ETH execution during risk-on windows, source: Kaiko Liquidity Metrics 2023.