According to @charliebilello, the ratio of Consumer Staples to the S&P 500 fell to its lowest level since 2000 this week, signaling pronounced underperformance of defensive Staples versus the broad market (source: Charlie Bilello on X, Sep 21, 2025). Consumer Staples are widely categorized as a defensive sector with lower beta and steadier earnings relative to the market, making this ratio a common gauge of equity risk appetite (source: S&P Dow Jones Indices; CFA Institute). Cross-asset traders monitor such risk gauges because the correlation between Bitcoin and U.S. equities increased materially after 2020, heightening transmission of risk-on and risk-off from stocks to crypto including BTC and ETH (source: International Monetary Fund, 2022). Traders commonly track XLP/SPY as a liquid proxy for the Staples-to-S&P ratio when assessing rotations and relative momentum (source: State Street Global Advisors for XLP; SPDR S&P 500 ETF Trust SPY product documentation).