According to @KobeissiLetter, the top 10 US stocks reached a record $22.7 trillion market capitalization in August, exceeding the entire stock markets of China and the EU and totaling roughly three times the size of Japan’s market. According to @KobeissiLetter, if grouped as a single market, these top 10 names would rank as the world’s second-largest stock market by size. According to S&P Dow Jones Indices methodology, cap-weighted indices are driven disproportionately by the largest constituents, meaning US index returns and volatility can be heavily influenced by mega-cap moves. According to IMF and BIS research, crypto assets including BTC and ETH have shown increased correlation with US equities during risk-on and risk-off regimes, suggesting mega-cap equity shocks can spill over to crypto sentiment.