According to The Kobeissi Letter, the global stock market capitalization to global GDP ratio has reached 117%, marking the second-highest level in history (source: The Kobeissi Letter, June 14, 2025). This ratio increased by 27% over the past five years and is only below the 2022 record. Since 2008, global market cap has grown at twice the pace of global GDP, signaling elevated equity valuations. For crypto traders, this heightened ratio suggests increased capital allocation into risk assets, setting the stage for potential liquidity spillover into cryptocurrencies like BTC and ETH as investors seek alternative high-return opportunities in an overheated market (source: The Kobeissi Letter, June 14, 2025).