According to Eric Balchunas, SPY closed positive after a whipsaw session and traded about $66 billion in volume, which he said signals investor nerves and active tweaking (source: Eric Balchunas on X, Nov 7, 2025). According to Eric Balchunas, headlines remain largely negative and he noted that the setup into next week bears watching (source: Eric Balchunas on X, Nov 7, 2025). According to Kaiko, BTC’s correlation with US equities tends to rise during market stress, so crypto traders should monitor SPY volatility for potential spillover into BTC and ETH price action (source: Kaiko research, 2024).