According to @KobeissiLetter, global defensive stocks now represent just 17% of world market capitalization, near the lowest levels since the post–Dot-Com Bubble period, and down 7 percentage points since the end of the 2022 bear market, indicating weak demand for defensives like consumer staples and health care; source: The Kobeissi Letter on X, Dec 30, 2025. For traders, a compressed defensive share signals a risk-on equity regime, a backdrop historically associated with stronger co-movement between crypto and stocks; source: The Kobeissi Letter on X, Dec 30, 2025; International Monetary Fund analysis on rising crypto–equity correlations, Jan 2022. In such environments, BTC and ETH have shown higher sensitivity to equity risk factors, implying crypto performance becomes more tied to macro and stock-market shocks; source: International Monetary Fund analysis on crypto–equity co-movement, Jan 2022.