Trump says stock market hit “new record” as S&P 500 keeps climbing since he took office
Trump says the stock market hit a “new stock market record.” Crypto traders should pay attention, politics aside, because this kind of equity move keeps the risk trade breathing. On Friday, President Donald Trump pointed to the new high as the S&P 500 posted its eighth weekly gain in a row, its longest streak since 2023. My take: the headline matters less than the behavior underneath it. For BTC and ETH, the question is simple: does this keep money moving into risk assets, or is the trade already too crowded?
The S&P 500 Index tracks 500 of the largest public companies in the U.S. It moved into price discovery after hitting an all-time high of about 7,500 on May 22. Since early April, the index is up more than 18%. Since Trump returned to the White House on January 21, 2025, it has gained roughly 23%, even after the early chaos around his tariff rollout. The rally began after the post-“Liberation Day” tariff low in April 2025, and the fund has climbed more than 54% since then. That is a huge move. No spin needed.
For crypto, money flow comes first. If the S&P 500 is near 7,500 and up about 23% since January 21, 2025, investors are not hiding in cash. They are buying growth and leverage. They are also buying momentum, which is where this gets interesting for BTC and ETH. Both often act like high-beta liquidity trades when equities keep grinding higher. Why does this matter? Because crypto usually gets louder when stock investors stop acting scared. Context, not source reporting: BTC reached nearly $69,000 in November 2021 during a broad risk-asset boom, then broke above $73,000 in March 2024 as spot Bitcoin ETF demand brought fresh capital into the market. Different setup, same smell. When stocks make new highs, crypto buyers tend to get bolder.
Still, this is not a free pass for every coin with a ticker. Most market commentary treats “risk-on” like one big green light. That’s only half right. A speculative stock rally can lift BTC first, ETH later, and leave weaker altcoins stuck if the trade reverses. Gary Shilling, president of A. Gary Shilling & Co, warned about a possible near-term stock market sell-off, according to the source. He argued that stocks are already in a risk-off environment and that the rally may be getting pushed by speculators. I’ll be honest: that warning lands better after an eight-week run than it would have in the middle of April panic. If he is right, COIN and other crypto-linked equities may feel it before BTC or ETH break down. Exchange stocks often take the hit first when trading appetite cools.
The second crypto angle is the safe-haven trade. Trump’s own framing makes that harder to ignore. The source says Trump has repeatedly argued that the stock market could rally further, especially after the war with Iran ends. That brings BTC into the same conversation as gold, oil, sanctions risk and forced positioning. Context, not source reporting: BTC gained about 8% during the January 2020 Soleimani strike window, while gold also rose as traders priced in Middle East risk. But BTC as a safe haven is still conditional. Counter to the usual advice, BTC does not always behave like “digital gold” when stress hits. In a calm risk-on market, BTC can rise with the S&P 500. In a shock, it can trade like tech first and “digital gold” later. Irritating, but true.
The S&P 500 move also matters for crypto treasuries and listed proxies. When U.S. equities are setting records, corporate boards have more room to talk about reserves and balance-sheet risk. Access to capital markets gets easier too. That can support BTC treasury names and COIN sentiment, even if the source does not mention a new SEC or CFTC catalyst. We have seen this pattern before: the clean macro story attracts buyers first, then the weaker copycat trades show up late. The market will still separate real adoption from momentum chasing. BTC holding above prior cycle levels matters more than a presidential headline. ETH has the harder job. It needs stronger fee demand or staking flows if investors decide they only want the cleanest macro trade.
There is a political layer too. Trump’s Truth Social post put a White House label on the stock rally, and markets do notice when presidents claim credit for records. During Trump’s first year in office, the source says the S&P 500 Index rose more than 46%. In his second term, the index has already reached an all-time high after the April 2025 tariff shock. Is this just political theater? Partly, yes. But crypto traders will still read it as a liquidity signal. A president cheering record stocks is not a Fed pivot. It does show which scoreboard Washington wants everyone watching.
What this means
U.S. risk appetite still looks strong after the tariff volatility, with the S&P 500 up more than 18% since early April and roughly 23% since January 21, 2025. For BTC, ETH and COIN, that supports momentum as long as equities stay in price discovery near 7,500. The uncomfortable part is Shilling’s warning. He may be early rather than wrong. Yes, that cuts against the bullish read two paragraphs ago. Bear with me. If speculators are carrying this move, crypto can enjoy the upside and still hit a nasty air pocket once equity breadth weakens.
Watch the S&P 500 around 7,500 after May 22. That level now anchors the risk-on story. Crypto traders should also watch BTC around the March 2024 breakout area near $73,000, along with CME futures positioning for signs that leveraged buyers are crowding in. The next macro checks are the next FOMC decision and fresh inflation data. Any concrete update on the war with Iran belongs on the same screen. If equities turn the eighth weekly gain into a ninth, BTC gets another test: liquidity trade, safe haven, or some awkward mix of both.