According to @KobeissiLetter, Nvidia (NVDA) traded above $190 in overnight action after reaching a $20 billion licensing deal with Groq (source: @KobeissiLetter on X, Dec 26, 2025). According to @KobeissiLetter, the price spike was linked to the licensing agreement and occurred outside regular market hours, indicating immediate market reaction to the AI catalyst (source: @KobeissiLetter on X, Dec 26, 2025). According to @KobeissiLetter, no additional deal terms or direct cryptocurrency market implications were provided in the post (source: @KobeissiLetter on X, Dec 26, 2025).

According to The Kobeissi Letter, CNBC initially framed the deal as a full buyout, but updated details indicate Nvidia is purchasing $20 billion worth of assets from Groq, highlighting the transaction’s scale for Nvidia and the broader AI sector (The Kobeissi Letter; CNBC as referenced by The Kobeissi Letter). The source characterizes the deal as “huge,” while providing two concrete trading-relevant facts: the structure is an asset purchase rather than a complete acquisition, and the headline size is about $20 billion (The Kobeissi Letter). The source does not provide timing, consideration mix, or financial guidance details, nor any crypto market impact metrics, limiting immediate pricing analysis beyond the deal form and size (The Kobeissi Letter).

According to @KobeissiLetter, the S&P 500 closed on Christmas Eve at a record 6,932, confirming a new all-time closing high, source: @KobeissiLetter. The move is described as the start of the 2025 Santa Rally, highlighting year-end strength in U.S. equities, source: @KobeissiLetter. Crypto traders can monitor potential sentiment spillover to digital assets following this record U.S. equity close in the next sessions, source: @KobeissiLetter.

According to The Kobeissi Letter, US-listed ETFs have recorded $1.4 trillion in net inflows so far in 2025, setting a new record. Source: The Kobeissi Letter. This already exceeds the previous full-year record by $300 billion and is more than double the 2023 total. Source: The Kobeissi Letter. ETF trading volume is up, per the same update. Source: The Kobeissi Letter. The source did not provide a breakdown by category, including crypto ETFs, so no crypto-specific impact can be quantified from this data. Source: The Kobeissi Letter.

According to @KobeissiLetter, a Friday note called for a move into 6900+ by year-end and they now report the S&P 500 at record highs with $SPX longs up about +110 points on this move, source: @KobeissiLetter on X, Dec 24, 2025. For cross-asset traders, equity breakouts have historically coincided with stronger crypto risk appetite in several regimes, with BTC’s rolling correlations to U.S. equities rising during risk-on phases, source: Kaiko Research 2023 Market Structure Review; Coin Metrics State of the Network 2022–2023. Key read-through: sustained SPX momentum typically aligns with improved crypto spot liquidity and tighter spreads, aiding BTC and ETH execution during risk-on windows, source: Kaiko Liquidity Metrics 2023.

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

According to @KobeissiLetter, the S&P 500 posted a record close at 6,910, up 43% since the April 2025 bottom, underscoring an ongoing Santa Rally, source: @KobeissiLetter (Dec 23, 2025). Historically, rising U.S. equities have coincided with stronger crypto performance as stock-crypto correlations increased markedly post-2020, source: IMF (Crypto Prices Move More in Sync With Stocks, Jan 2022) and BIS (Crypto shocks and spillovers, 2023). For trading, monitor BTC and ETH momentum and cross-asset correlations with the S&P 500 for potential risk-on spillover, aided by late-December seasonality in equities, source: IMF 2022; BIS 2023; LPL Research (The Santa Claus Rally, 2023).

According to @KobeissiLetter, investors in 2024 and 2025 expected implied correlations between individual S&P 500 and Nasdaq 100 stocks to drop to the lowest levels in at least 23 years, indicating an unprecedented divergence across constituents (source: @KobeissiLetter). According to @KobeissiLetter, low implied correlation means most stocks are expected to move more independently rather than in lockstep with the index, pointing to elevated single-name dispersion versus index-level moves (source: @KobeissiLetter). According to @KobeissiLetter, the source does not provide direct implications for the crypto market or correlations with BTC or ETH (source: @KobeissiLetter).

According to The Kobeissi Letter, a Friday alert called for a move back above 6900, and the subsequent long positions are now nearly +100 points on the move, indicating renewed year-end momentum often described as a Santa rally (source: The Kobeissi Letter, X, Dec 23, 2025). Traders focused on risk appetite can note that such equity upside moves have historically coincided with positive short-term correlations between BTC and U.S. stocks, prompting cross-asset monitoring during risk-on phases (source: Kaiko Research, 2023 BTC–equities correlation).

According to @KobeissiLetter, US stocks extended gains with the S&P 500 nearing 6,900 and less than 10 points from a record close as of December 23, 2025. According to @KobeissiLetter, the index is approaching a potential all-time closing high level that traders monitor into the market close. According to @KobeissiLetter, this is a real-time snapshot of intraday strength in the S&P 500.

According to @KobeissiLetter, crypto funds recorded 952 million dollars of outflows last week, ending a run of three consecutive weekly inflows, source: The Kobeissi Letter on X, Dec 23, 2025. According to @KobeissiLetter, investors have withdrawn capital in six of the last ten weeks, source: The Kobeissi Letter on X, Dec 23, 2025. According to @KobeissiLetter, Ethereum ETH ETFs led with 555 million dollars in outflows, signaling that ETF-related selling pressure has returned, source: The Kobeissi Letter on X, Dec 23, 2025.

According to The Kobeissi Letter, the top seven largest stocks now account for a record 36% of the S&P 500’s market capitalization, double the share from seven years ago and 13 percentage points above the 2000 Dot-Com Bubble peak (source: The Kobeissi Letter on X, Dec 22, 2025). For index and options traders, this extreme concentration indicates S&P 500 returns and drawdowns can be disproportionately driven by a small set of mega-caps, informing hedging and diversification decisions (source: The Kobeissi Letter). According to Coin Metrics, BTC has exhibited time-varying positive correlation with U.S. equities during risk-off periods in 2022, making U.S. equity concentration and breadth relevant macro signals for crypto positioning and risk management (source: Coin Metrics, State of the Network correlation research).

According to @KobeissiLetter, the ratio of assets under management in leveraged long ETFs to short ETFs has surged to 12.5x, an all-time high that has nearly tripled since the April market low, with leveraged long ETF assets near a record $146 billion, signaling aggressive risk-on positioning (source: @KobeissiLetter). For traders, such extreme long/short AUM skew increases crowding and potential reversal risk as leveraged products can amplify both gains and losses over short horizons (source: U.S. SEC Investor Bulletin on Leveraged and Inverse ETFs). Crypto sensitivity may be elevated in a risk-on regime as Bitcoin and equities correlations have risen post-2020, suggesting BTC and ETH could react to equity-driven momentum and volatility shifts (source: Bank for International Settlements, 2022 research on rising Bitcoin–equity correlation).

According to @KobeissiLetter, global equity ETFs saw a record $145 billion of inflows last week, with the US representing 54% ($78 billion), the second-largest weekly US inflow on record, led by the S&P 500 ETF VOO with $59 billion (source: @KobeissiLetter). Global long-only equity funds attracted a record $46 billion, pushing global equity ETFs on track for $1.4 trillion in total inflows this year, $200 billion more than last year, marking at least the 11th consecutive week of positive inflows (source: @KobeissiLetter). The source adds that investors are piling into global equities at a record pace, underscoring concentrated demand in broad US exposure via VOO (source: @KobeissiLetter).

According to The Kobeissi Letter, Bank of America’s Bull & Bear Indicator rose by 0.6 points over the last few trading days to 8.5, re-entering extreme bull territory (source: The Kobeissi Letter on X, Dec 22, 2025). According to The Kobeissi Letter, the indicator tracks hedge fund and fund manager positioning, equity and bond flows, and market breadth, indicating investors are extremely bullish at present levels (source: The Kobeissi Letter on X, Dec 22, 2025).

According to @KobeissiLetter, US households’ corporate equities and mutual fund holdings rose to roughly 31% of total net worth in Q2 2025, an all-time high, with equities now exceeding real estate as a share of net worth for only the third time in 65 years; source: https://twitter.com/KobeissiLetter/status/2002913226875342914. This composition is tracked by the Federal Reserve’s Financial Accounts of the United States (Z.1), which detail household balance sheets and net worth components used to measure equities and real estate shares; source: https://www.federalreserve.gov/releases/z1/. For trading, a record equity share concentrates household exposure to equity market swings and can amplify cross-asset risk transmission to crypto, aligning with IMF evidence that crypto and US equities correlations strengthened post-2020; source: https://www.imf.org/en/Blogs/Articles/2022/01/11/crypto-prices-move-more-in-sync-with-stocks-posing-new-risks.

According to @KobeissiLetter, US tech companies have collectively committed $569 billion to data center leases over the next several years, which the source characterizes as evidence that the AI boom is accelerating. Source: @KobeissiLetter on X, Dec 21, 2025. The source explains that leases are long-term rental agreements that lock companies into multi-year payments for data centers and related facilities, highlighting durable obligations rather than one-off capex. Source: @KobeissiLetter on X, Dec 21, 2025. The source does not provide asset-level detail or specific implications for cryptocurrency markets. Source: @KobeissiLetter on X, Dec 21, 2025.

According to @KobeissiLetter, investors are on track to withdraw a record 605 billion dollars from global active equity funds in 2025, surpassing the previous record of 450 billion dollars, source: @KobeissiLetter on X, December 21, 2025. According to @KobeissiLetter, this would be the 10th annual outflow over the last 11 years, highlighting persistent net redemptions from active stock picking strategies, source: @KobeissiLetter on X, December 21, 2025. According to @KobeissiLetter, the update characterizes active managers as struggling amid these sustained outflows, which is trading relevant for monitoring equity fund liquidity and positioning, source: @KobeissiLetter on X, December 21, 2025.

According to @KobeissiLetter, investors are piling into equity ETFs at a record pace led by the Vanguard S&P 500 ETF VOO. According to @KobeissiLetter, VOO saw 40.5 billion of inflows last week, the largest weekly intake this year. According to @KobeissiLetter, VOO’s year-to-date net inflows hit 163.7 billion, the largest on record for a single ETF, underscoring risk-on sentiment in US equities.

According to The Kobeissi Letter, a record 7.1 trillion dollars of options across stock indexes, ETFs, equity index futures, and single stocks are estimated to expire today, including 5.1 trillion dollars notional in S&P 500 options, highlighting an exceptional options expiration event that can move markets, source: The Kobeissi Letter. Cboe notes that large monthly and quarterly expirations often coincide with elevated intraday volatility and shifting liquidity due to dealer hedging and gamma positioning, which can impact SPX and related ETFs, source: Cboe. Traders should monitor SPX, SPY, and QQQ depth, spreads, and volatility measures around the open and close when expiration-related flows typically concentrate, source: Cboe. For crypto, Kaiko has documented periods of positive correlation between BTC and U.S. equities during high-volatility macro regimes, implying potential spillover risk into BTC and ETH on major equity options expirations, source: Kaiko. Crypto traders can track perpetual funding, open interest, and basis as positioning gauges to assess equity-to-crypto stress transmission during today’s flows, source: Binance Research.