According to @KobeissiLetter, the market cap of US stocks relative to the US M2 money supply has reached 305%, the highest since 2000 after a +125-point rise in three years, and it has surpassed the pre-2008 peak of about 290% (source: @KobeissiLetter on X, Oct 5, 2025). The Dot-Com Bubble apex was roughly 370%, implying the US stock market would need about 21% further gains to match that extreme if M2 remains constant (source: @KobeissiLetter on X, Oct 5, 2025). For traders, the 305% reading signals equity valuations are historically stretched relative to liquidity, making positioning sensitive to money-supply and multiple shifts; using these levels can guide risk management and hedge timing (source: @KobeissiLetter on X, Oct 5, 2025). Crypto participants can treat this equity-to-M2 ratio as a macro risk gauge when sizing BTC and ETH exposure, aligning beta and hedges with the 290% prior peak as a reference and the 370% dot-com level as an upper marker (source: @KobeissiLetter on X, Oct 5, 2025).