According to @KobeissiLetter, US households’ corporate equities and mutual fund holdings rose to roughly 31% of total net worth in Q2 2025, an all-time high, with equities now exceeding real estate as a share of net worth for only the third time in 65 years; source: https://twitter.com/KobeissiLetter/status/2002913226875342914. This composition is tracked by the Federal Reserve’s Financial Accounts of the United States (Z.1), which detail household balance sheets and net worth components used to measure equities and real estate shares; source: https://www.federalreserve.gov/releases/z1/. For trading, a record equity share concentrates household exposure to equity market swings and can amplify cross-asset risk transmission to crypto, aligning with IMF evidence that crypto and US equities correlations strengthened post-2020; source: https://www.imf.org/en/Blogs/Articles/2022/01/11/crypto-prices-move-more-in-sync-with-stocks-posing-new-risks.