According to @KobeissiLetter, 63% of S&P 500 constituents are outperforming the index year-to-date, the highest share since 2001. Source: @KobeissiLetter. This is the third-strongest market breadth reading in at least 75 years and marks a reversal from the narrow leadership seen in 2023 and 2024, signaling broader market participation. Source: @KobeissiLetter. IMF research documented that Bitcoin and other cryptocurrencies have exhibited elevated positive correlation with equities since the pandemic, making shifts in US equity breadth relevant cross-asset context for monitoring BTC and ETH risk appetite. Source: International Monetary Fund (IMF).