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).