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 Charlie Bilello, the S&P 500 closed at another all-time high, marking its 25th record close of the year for SPX, confirming ongoing equity strength; source: Charlie Bilello on X, Sep 16, 2025, and the linked YouTube video. For crypto traders, equity benchmarks matter because research has documented periods of positive correlation between major cryptocurrencies and US stocks since 2020, making SPX moves a relevant macro input for BTC and ETH risk models; source: International Monetary Fund research on rising crypto–equity correlation (January 2022) and Bank for International Settlements research on crypto–equity linkages (2023).