According to The Kobeissi Letter, the US small-cap to large-cap 10-year annualized relative return fell to -4% in October, the lowest since the late 1990s, source: The Kobeissi Letter, Nov 21, 2025. The report notes that such severe small-cap underperformance has only appeared a few times since the 1930s, including the 1950s, early 1990s, and late 1990s, source: The Kobeissi Letter, Nov 21, 2025. Over the last decade, the Russell 2000 rose +102% while the S&P 500 gained +220%, underscoring a wide performance gap, source: The Kobeissi Letter, Nov 21, 2025. Year-to-date, US small caps are up just +6%, ranking among the worst global regions, with India at -5% while South Korea, Spain, and Brazil posted +58%, +48%, and +46% respectively, source: The Kobeissi Letter, Nov 21, 2025. The source did not provide cryptocurrency market commentary or BTC/ETH implications, source: The Kobeissi Letter, Nov 21, 2025.