The S&P 500's forward earnings per share just hit an all-time high of $315.60. This marks a significant milestone for U.S. equities—corporate earnings expectations continue climbing despite macro headwinds. When traditional markets hit new peaks like this, it often signals strong investor confidence in economic fundamentals, which can have spillover effects on risk asset allocation, including crypto markets. Whether this earnings surge sustains or faces pressure will be worth watching as we move deeper into earnings season.