The S&P 500 is poised to wrap up 2025 near record highs, currently tracking around +18% year-to-date. What's striking isn't just the headline number—it's the resilience behind it. The index endured a brutal -18% drawdown at one point, yet managed to recover and push to fresh highs by year-end. That's the kind of volatility seasoning that separates conviction rallies from hollow bounces.

Stack this against the prior two years and the pattern becomes even more interesting. 2024 closed +23%, while 2023 delivered +24%. Three consecutive years of double-digit gains create a particular market psychology—momentum begets confidence, and confidence starts pricing in increasingly optimistic scenarios. For crypto traders watching macro trends, this equity market narrative matters. When traditional markets ride this kind of extended upside, risk appetite tends to climb across all asset classes.