Everyone is piling into US stocks.
Foreign holdings of US equities jumped +$2.0 trillion in April, to a record $23.2 trillion.
This figure has more than DOUBLED since the 2022 bear market.
By comparison, during the 2020 pandemic, non-US investors held $7.5 trillion of US equities, or 68% less.
Foreign investors now own ~30.5% of the $76 trillion US equity market.
Furthermore, foreign investors’ allocation to US equities as a percentage of US financial assets is up to 63%, an all-time high and 10 percentage points above the 2000 Dot-Com Bubble peak.
Foreign investors are all-in on US stocks.
It's official:
Crypto has now erased more than HALF of its value in just 8 months.
On October 6th, 2025, the total market cap of crypto hit a record $4.3 trillion.
Today, 261 days later, crypto is worth just $2.0 trillion, marking a -54% decline in value.
This means crypto markets have erased an average of -$8.8 billion PER DAY for 261 days straight.
Crypto is in desperate need of a new narrative.
My advice to Jamie Dimon? Grab a chair, find a good spot on the beach, and actually read this bill over July 4th. His concerns have been addressed — section 301 handles them directly. We have 16 provisions protecting against illicit finance. He is just simply mistaken.