According to @KobeissiLetter, Goldman Sachs reports the US Dollar’s 1-month realized volatility exceeded the S&P 500 over the last month, marking only the third occurrence in seven years after December 2023 and July 2025 (source: The Kobeissi Letter; Goldman Sachs). During the April sell-off, the realized volatility ratio between the S&P 500 and the US Dollar Index reached 6x, the highest since 2020 (source: The Kobeissi Letter; Goldman Sachs). Year to date, the US Dollar is down about 10%, tracking its worst year since 1973, while the S&P 500 is up roughly 14% with 32 all-time highs (source: The Kobeissi Letter). For traders, persistent USD selling alongside higher FX volatility versus equities is a key macro backdrop for USD-priced risk assets, including crypto such as BTC and ETH, to monitor (source: The Kobeissi Letter).

According to @KobeissiLetter, the S&P 500 is up about 40 percent over the last six months, gold is nearing 4,000 US dollars per ounce, Bitcoin (BTC) reached a record 2.5 trillion US dollars in market capitalization, and the US Dollar is on track for its worst year since 1973 (source: @KobeissiLetter, Oct 5, 2025). According to @KobeissiLetter, the thread frames this as a cross-asset surge versus US Dollar weakness and asks whether markets are that strong or the Dollar is just crashing, providing a trading context across equities, gold, BTC, and the Dollar trend (source: @KobeissiLetter).