According to @EricBalchunas, US stocks rose 18% in 2025, nearly double their historical average, while most country ETFs posted double-digit gains, showing broad global strength but not a breakdown in US exceptionalism (source: @EricBalchunas tweet, Jan 5, 2026). He reports the US still holds a 174-percentage-point performance lead over international equities built over the past decade, supported by trillion-dollar capital advantages (source: @EricBalchunas tweet, Jan 5, 2026). He adds that $12 trillion of global ETF assets remain parked in US markets—five times any other country—highlighting persistent US market depth and liquidity (source: @EricBalchunas tweet, Jan 5, 2026). For traders, this data indicates US equity and ETF flows continue to anchor global risk appetite, a key macro input when monitoring crypto market positioning and liquidity conditions (source: @EricBalchunas tweet, Jan 5, 2026).