According to The Kobeissi Letter, the US stock market's outperformance has reached historic levels, with the ratio of emerging market performance to US equities dropping to its lowest point in roughly 55 years—about one standard deviation below the historical mean (Source: The Kobeissi Letter, June 20, 2025). Even during the 2000 Dot-Com Bubble peak, this ratio was higher, highlighting the extraordinary strength of US equities. For crypto traders, this divergence suggests capital may continue flowing into US risk assets, potentially delaying a rotation of investment into emerging markets and alternative assets like cryptocurrencies. Monitoring shifts in global equity flows remains critical for anticipating large-scale moves in the crypto market.