According to @KobeissiLetter, the Nasdaq 100 extended losses to more than 400 points intraday as global bond yields surged. Source: The Kobeissi Letter on X, September 2, 2025. Rising yields increase discount rates and typically pressure growth valuations, a relationship highlighted by the Federal Reserve. Source: Federal Reserve Monetary Policy Report, July 2023. BTC and ETH have shown periods of positive correlation with U.S. equities, so equity drawdowns can coincide with elevated crypto volatility. Source: Kaiko Research, 2023. Traders should monitor U.S. 10-year yields, tech-led risk appetite, and crypto market depth into the U.S. close for signs of cross-asset de-risking. Source: The Kobeissi Letter on X, September 2, 2025; Kaiko Research, 2023.