According to The Kobeissi Letter, the S&P 500 officially hit a new record high, with roughly $18 trillion in market capitalization added since the April 2025 bottom. Source: The Kobeissi Letter, tweet on Dec 24, 2025, https://twitter.com/KobeissiLetter/status/2003847143694721024 For traders, this all-time high underscores ongoing strength in US equities and a risk-on tone cited by the source. Source: The Kobeissi Letter, tweet on Dec 24, 2025, https://twitter.com/KobeissiLetter/status/2003847143694721024 Crypto participants should note that Bitcoin’s correlation with US equities increased significantly after 2020, making equity benchmarks like the S&P 500 relevant inputs for BTC and ETH risk management. Source: International Monetary Fund (IMF), Crypto Prices Move More in Sync With Stocks, Jan 11, 2022, https://www.imf.org/en/Blogs/Articles/2022/01/11/crypto-prices-move-more-in-sync-with-stocks-posing-new-risks No additional sector leadership or breadth details were provided in the source post, so further confirmation is required for rotation or dispersion signals. Source: The Kobeissi Letter, tweet on Dec 24, 2025, https://twitter.com/KobeissiLetter/status/2003847143694721024