According to @KobeissiLetter, U.S. household net worth rose by $6.1 trillion in Q3 2025 to a record $181.6 trillion, driven almost entirely by a $5.5 trillion jump in equity holdings as the stock market hit new highs (source: The Kobeissi Letter). The value of real estate holdings fell by $287 billion in the same quarter, signaling a weaker housing market compared with equities (source: The Kobeissi Letter). Net worth now equals 792% of disposable personal income, the fourth-highest quarterly reading on record, versus a peak of 829% in Q1 2022, while total net worth has climbed $72 trillion (+65%) since Q1 2020 (source: The Kobeissi Letter). For traders, the equity-led wealth effect supports risk-on conditions in stocks, a backdrop crypto participants often monitor for sentiment spillover into BTC and ETH (source: The Kobeissi Letter).