According to @StockMKTNewz, the U.S. stock market closed the session lower today, signaling a risk-off finish at the cash close (source: @StockMKTNewz on X, Dec 1, 2025). IMF research shows stock-crypto co-movements strengthened materially post-2020, with BTC-S&P 500 daily return correlation around 0.36 in 2020-2021 versus near zero in 2017-2019, so a red equity close increases near-term spillover risk to BTC and ETH relative to pre-2020 norms (source: International Monetary Fund, Crypto Prices Move More in Sync With Stocks, Jan 2022). The IMF also reports a roughly 17-fold rise in volatility spillovers between Bitcoin and U.S. equities in 2020-2021 compared with 2017-2019, highlighting elevated cross-asset transmission risk after equity sell-offs (source: International Monetary Fund, Crypto Prices Move More in Sync With Stocks, Jan 2022).

According to @cas_abbe, the People's Bank of China injected about ¥2 trillion ($289B) in liquidity this week via reverse repo operations and highlighted a renewed rise in M2, implying a supportive backdrop for BTC and altcoins (source: @cas_abbe). Reverse repos temporarily add cash to banks and ease short-term funding conditions, which transmits broader liquidity to markets (source: People's Bank of China open market operations statements). Empirical research shows crypto assets, including BTC and altcoins, co-move with global financial conditions; easier liquidity has historically aligned with stronger crypto returns and turnover (source: IMF Global Financial Stability Report 2022). M2 is a standard gauge of monetary liquidity for assessing financial easing in macro analysis (source: Bank for International Settlements). For trading, sustained PBoC injections and rising M2 have historically coincided with a risk-on tone in BTC and higher-beta altcoins, so monitoring daily PBoC OMO, onshore funding rates, and crypto volumes during Asia hours is prudent while this trend persists (source: IMF 2022; People's Bank of China OMO data).