According to The Kobeissi Letter, the S&P 500 has underperformed global stocks by 12 percentage points year-to-date, marking its largest lag since 1993 (source: The Kobeissi Letter, June 2, 2025). Despite a modest gain of +0.5% YTD—its third-worst year since 1993—this significant underperformance signals a shift in capital flows that could benefit alternative assets, including cryptocurrencies. Historically, when traditional U.S. equities lag global benchmarks, traders often seek higher-yielding or uncorrelated assets such as Bitcoin and Ethereum, increasing potential volatility and opportunity in the crypto market (source: The Kobeissi Letter, June 2, 2025).