According to The Kobeissi Letter (X, Nov 16, 2025), the number of US-listed domestic companies has fallen below 4,000 in 2025, the lowest since 2020 (source: The Kobeissi Letter, X, Nov 16, 2025). The same source reports the count has declined by 1,800, or 31%, since 2022 and could reach the lowest on record as early as next year if the current pace continues (source: The Kobeissi Letter, X, Nov 16, 2025). By comparison, about 6,500 firms were trading at the start of the century, while cumulative corporate buybacks have totaled $12.7 trillion since 1998, pointing to sustained market-cap concentration in mega-cap stocks that traders may favor in momentum and index-tracking strategies (source: The Kobeissi Letter, X, Nov 16, 2025). For crypto markets, traders can monitor how equity concentration and buyback-driven flows highlighted by The Kobeissi Letter coincide with risk appetite in BTC and ETH to align exposure timing (source: The Kobeissi Letter, X, Nov 16, 2025).