According to The Kobeissi Letter, Netflix (NFLX) fell 3% to its lowest level since April 2025 after Paramount launched a hostile bid for Warner Brothers valued at $108 billion (source: The Kobeissi Letter). According to The Kobeissi Letter, NFLX is now down 28% from its record high reached six months ago, highlighting growing drawdown risk in streaming equities (source: The Kobeissi Letter). According to IMF research, crypto prices have moved more in sync with U.S. equities since 2020, so tech-led risk sentiment shifts can coincide with short-term volatility in BTC and ETH during such headline shocks (source: IMF, 2022).