According to @milesdeutscher, stimulus checks are net bullish but are unlikely to move markets the way they did in 2020, reflecting a different macro and market structure in 2025 (source: https://twitter.com/milesdeutscher/status/1987606373388239308). He states that institutions are driving this cycle while retail investors are more distrustful than in 2020/21, reducing the likelihood of a retail-led surge (source: https://twitter.com/milesdeutscher/status/1987606373388239308). He adds that stocks are more likely to catch a bid given current retail interest, which could indirectly support the crypto market via positive equity-crypto correlation dynamics (source: https://twitter.com/milesdeutscher/status/1987606373388239308).