According to @StockMarketNerd, year-to-date equity sentiment is bifurcated, with investors preferring the lowest quality stocks or the Magnificent 7 mega caps, reflecting a barbell risk-on theme; source: @StockMarketNerd on X, Oct 20, 2025. Historically, risk-on leadership in U.S. equities has coincided with higher correlations between BTC, ETH and major stock indexes, implying potential spillovers into digital asset momentum when mega cap tech and high beta equities lead; sources: IMF Global Financial Stability Report October 2022 and European Central Bank Macroprudential Bulletin 2022. Traders can monitor return concentration in the Magnificent 7 versus low quality small caps and track the 30-day rolling correlation of BTC and ETH to the Nasdaq 100 to gauge cross-market risk appetite; sources: @StockMarketNerd on X and IMF Global Financial Stability Report October 2022.