According to @KobeissiLetter, 49.5% of individual investors reported a bullish six-month stock market outlook in the latest AAII Investor Sentiment Survey, the highest since November 2024 and the sixth week out of the last seven with elevated bullishness, based on AAII data. According to AAII, the weekly survey gauges U.S. retail investors’ expectations for stock prices over the next six months, offering a timely sentiment indicator for market participants. According to IMF research, equity risk-on phases have historically shown stronger co-movement with crypto assets, implying that sustained bullish equity sentiment can increase spillover risk to BTC and ETH.