According to Charlie Bilello, the S&P 500 fell 1.6% yesterday, marking the 27th daily decline in 2025 with a loss greater than 1% (source: Charlie Bilello on X, Nov 21, 2025). According to Charlie Bilello, the long-term average since 1928 is 29 such large daily declines per year, indicating that recent downside volatility is within historical norms rather than extreme conditions (source: Charlie Bilello on X, Nov 21, 2025). According to Binance Research, BTC and US equities have shown periods of positive correlation, meaning equity volatility can transmit risk sentiment into crypto markets, a key consideration for BTC and ETH traders during SPX drawdowns (source: Binance Research, 2024).