According to @KobeissiLetter, semiconductor and semiconductor equipment stocks now account for 7.5% of total global hedge fund market exposure, the highest on record, and this share has doubled since 2022 as sector prices surged, source: @KobeissiLetter. For cross-asset context relevant to crypto traders, Bitcoin (BTC) showed a significantly higher correlation with US equities during 2020–2022, indicating crypto can respond to equity risk cycles, source: International Monetary Fund, 2022.