According to @charliebilello, the S&P 500 fell 1.7% today, marking the 26th daily decline greater than 1% in 2025, a tempo he notes remains within historical norms. Source: https://twitter.com/charliebilello/status/1989085063632548062 He adds that since 1928 the average year has 29 such large down days, underscoring that downside volatility is a typical feature of equity markets rather than an anomaly. Source: https://bilello.blog/2025/the-price-of-admission-3 For crypto traders, research has documented that U.S. equities and crypto assets have moved more in sync since 2020, increasing the risk of spillovers during risk-off episodes, so equity volatility spikes can transmit to BTC and ETH regimes. Source: https://www.imf.org/en/Blogs/Articles/2022/01/11/crypto-prices-move-more-in-sync-with-stocks-posing-new-risks