According to Charlie Bilello, the S&P 500 ended 2025 up 17.9% on a dividend-inclusive basis, exceeding expectations for the year, with the update shared alongside the SPX ticker and his newsletter link. Source: Charlie Bilello, X post on Dec 31, 2025; bilello.blog newsletter. For crypto traders, this equity strength is relevant because Bitcoin and U.S. equities have shown higher return correlations since 2020, indicating shared risk sentiment that can transmit across markets. Source: International Monetary Fund, Crypto Prices Move More in Sync with Stocks, 2022. The IMF has also highlighted increasing spillovers from equity markets to crypto assets, reinforcing the need to track SPX moves when positioning BTC and ETH. Source: International Monetary Fund, Crypto-Stock Correlations and Financial Stability, 2022.