According to The Kobeissi Letter, the S&P 500 is down roughly 5% from its record high and such 5% declines occur about four times per year on average, framing the move as a sentiment-driven pullback rather than a structural breakdown, Source: The Kobeissi Letter on X, Nov 21, 2025. For crypto traders, equity drawdowns and sentiment shocks often tighten cross-asset correlations with BTC and ETH during risk-off phases, making SPX and volatility tracking relevant for positioning, Source: Kaiko Research 2023–2024; CME CF Bitcoin Reference Rate Insights 2023; Cboe Global Markets VIX overview.