According to @KobeissiLetter, the S&P 500 set 23 all-time highs last quarter, its strongest streak since 1998, with a +8.4% three-month gain and a +3.5% September marking the best September in 15 years, source: The Kobeissi Letter (Oct 1, 2025). Since 1929, after quarters with 20 or more record highs, the S&P 500 has risen 6.3% on average and advanced 63% of the time over the next 12 months, and the author notes history suggests the run could continue, source: The Kobeissi Letter (Oct 1, 2025). For crypto, Bitcoin’s correlation with U.S. equities increased notably in 2020–2021, indicating equity momentum can transmit to BTC and ETH during risk-on regimes, source: IMF Blog by Tobias Adrian, Tara Iyer, and Mahvash S. Qureshi (Jan 2022). Traders can monitor BTC and ETH for potential spillover from equity strength given the documented cross-asset correlation, source: IMF Blog by Adrian, Iyer, and Qureshi (Jan 2022) and The Kobeissi Letter (Oct 1, 2025).

According to @KobeissiLetter, the S&P 500 crossed above 6,700 for the first time in history less than 24 hours after the U.S. government shutdown began (source: @KobeissiLetter). The source states that the average 12-month return after a shutdown ends is +13% (source: @KobeissiLetter). Based on the source’s stated levels, a move from 6,700 to the cited ~7,600 12-month marker implies roughly +13.4% upside, consistent with the historical average noted (source: @KobeissiLetter). Crypto traders can monitor this equity benchmark and the 7,600 reference cited by the source as a cross-asset risk gauge when planning positioning and hedges (source: @KobeissiLetter).