According to The Kobeissi Letter, foreign holdings of U.S. equities have reached a record 20 trillion dollars after an approximately 2.5 trillion dollar increase in recent months, with overseas investors now owning about 30 percent of the roughly 60 trillion dollar U.S. equity market, the highest share in data back to 1945 (source: The Kobeissi Letter, Oct 3, 2025). The Kobeissi Letter also reports foreign investors’ allocation to U.S. equities as a share of U.S. financial assets has hit a record 61 percent, around 7 percentage points above the 2000 Dot-Com Bubble peak, versus historical lows of 20 percent in 1974 and 25 percent during the 2008 Financial Crisis (source: The Kobeissi Letter, Oct 3, 2025). For traders, elevated foreign ownership heightens sensitivity to cross-border flow reversals in U.S. stocks, and IMF research documents stronger co-movement between U.S. equities and Bitcoin since 2020, making crypto performance and liquidity more exposed to equity risk-on and risk-off shifts (source: IMF, Crypto Prices Move More in Sync With Stocks, 2022).