According to The Kobeissi Letter, the top seven largest stocks now account for a record 36% of the S&P 500’s market capitalization, double the share from seven years ago and 13 percentage points above the 2000 Dot-Com Bubble peak (source: The Kobeissi Letter on X, Dec 22, 2025). For index and options traders, this extreme concentration indicates S&P 500 returns and drawdowns can be disproportionately driven by a small set of mega-caps, informing hedging and diversification decisions (source: The Kobeissi Letter). According to Coin Metrics, BTC has exhibited time-varying positive correlation with U.S. equities during risk-off periods in 2022, making U.S. equity concentration and breadth relevant macro signals for crypto positioning and risk management (source: Coin Metrics, State of the Network correlation research).