S&P 500 Hits New All-Time Highs in 2025 While Crypto Struggles to Break $3 Trillion

The S&P 500 has reached new all-time highs in 2025, driven by strong earnings and an environment of perceived policy stability. At the same time, the crypto market continues to struggle to surpass the $3 trillion market-cap threshold — a level that market participants and analysts increasingly treat as a psychological resistance point. According to data from Company TradingView, this divergence between equities and digital assets highlights sharply differing investor sentiment and market dynamics.

Equities momentum: The rally in the S&P 500 has been supported by broad-based, above-consensus corporate earnings, resilient consumer demand and central bank communications that suggest a path to stable rates rather than unexpected tightening. This combination has encouraged higher risk-taking in traditional markets, driven inflows into large-cap growth and cyclical sectors, and contributed to extend notable price advances.

Crypto resistance and liquidity concerns: Meanwhile, the crypto complex has shown limited upside despite risk-on conditions elsewhere. The inability to break the $3 trillion barrier is symptomatic of deeper issues: liquidity constraints, uneven exchange flow, concentration of holdings among large wallets, and a gap in institutional engagement compared to equities. These factors create short-term resistance around key capitalization and price levels for major tokens such as Bitcoin and top altcoins.

What the divergence means for traders and investors: From an analysis perspective, this split suggests a market environment where asset-class rotation can persist—capital flowing into stocks driven by earnings and policy clarity while digital assets remain range-bound. Traders should watch for signs that would reduce crypto liquidity stress: renewed institutional allocations, better market-making activity, or macro catalysts that shift risk premia. Conversely, a deterioration in corporate earnings or surprise tightening in policy could quickly reverse equity leadership and re-open correlations with crypto.

Support and resistance to monitor: For crypto-focused participants, the $3 trillion market-cap level functions like a major resistance zone. On the downside, watch aggregated support levels derived from on-chain indicators, concentrated orderbook zones, and prior bear-market floors for major coins. For equities, S&P 500 technical levels around the new peaks will be key — a decisive break higher could accelerate momentum, while sustained rejection may trigger profit-taking and cross-asset repricing.

Scenarios and risk management: Scenario planning is essential. In a bullish scenario, easier monetary language and robust earnings could narrow the divergence as institutions seek returns in both stocks and select digital assets, allowing crypto to re-test and potentially break the $3 trillion resistance. In a risk-off scenario, falling liquidity and tightened financial conditions could pressure both equities and crypto, though the initial hit may be larger for assets with weaker institutional depth.

In short, the 2025 dynamic — S&P 500 strength versus crypto’s struggle — underscores that market internals and liquidity conditions matter as much as headline risk appetite. Market participants should follow Company TradingView metrics, earnings calendars, and central bank communication to adapt positioning. Key watchpoints are liquidity flows, capital rotation, and whether crypto can convert the $3 trillion zone from resistance into a new support base.