According to @charliebilello, the S&P 500 was down over 15% year to date on April 8, its fourth-worst start on record, but after a 37% advance it now sits up over 16% for the year and has posted 36 all-time highs. Source: Charlie Bilello on X, Dec 4, 2025. For traders, this reflects a strong risk-on backdrop in U.S. equities, and prior IMF analysis documented increased co-movement between Bitcoin and U.S. stocks during risk-on/risk-off episodes, highlighting potential cross-asset sentiment spillovers relevant to BTC and ETH positioning. Source: IMF blog analysis on crypto–stock correlation, Jan 2022. The combination of a 37% SPX rally and frequent new highs establishes a momentum regime in equities that provides a macro beta reference for BTC and ETH given the observed correlation patterns. Source: Charlie Bilello on X, Dec 4, 2025; IMF 2022 analysis.