According to @charliebilello, the S&P 500 fell 5.8% from its Oct 29 peak at today’s low, marking the 31st 5%+ pullback since the March 2009 bottom. Source: @charliebilello (X, Nov 21, 2025). He also notes that each prior pullback eventually recovered to new highs, underscoring the historical tendency for equities to mean-revert after drawdowns. Source: @charliebilello (X, Nov 21, 2025). For crypto traders, stronger post-2020 stock–crypto correlations mean equity risk-off can spill over into BTC and ETH volatility and liquidity, making S&P drawdowns a key cross-asset sentiment gauge. Source: International Monetary Fund, Crypto Prices Move More in Sync with Stocks (Jan 2022).