According to The Kobeissi Letter, the MSCI All Country World Index (ACWI) has recorded more new highs than new lows for 73 consecutive days, the longest streak since May 2021, source: The Kobeissi Letter. ACWI spans 23 developed markets and 24 emerging markets and covers roughly 85% of investable global equity, highlighting the broad-based nature of the advance, source: The Kobeissi Letter. The longest comparable stretch in the last decade was about 150 days in 2020, offering a historical benchmark for trend durability, source: The Kobeissi Letter. Year to date, ACWI is up 17.1%, well above the 10-year average of 11.1%, underscoring that global stocks are running hot, source: The Kobeissi Letter. Crypto traders can monitor BTC and ETH for reactions to this risk-on equity backdrop even though the source did not reference crypto assets, source: The Kobeissi Letter.