According to The Kobeissi Letter, the global stock market cap to global GDP ratio has reached 117%, marking the second-highest level in history (source: The Kobeissi Letter, June 14, 2025). This ratio has surged 27% in the past five years and is only lower than the 2022 peak. Since 2008, global market capitalization has grown at twice the pace of global GDP. For crypto traders, this indicates heightened risk appetite and liquidity in risk assets, often spilling over into cryptocurrencies like BTC. Such elevated equity valuations may signal an increased likelihood of volatility, which could influence capital flows into the crypto market as investors seek diversification or hedge against potential corrections in traditional markets.