According to @StockMKTNewz, the U.S. stock market is down by more than 1% so far today, pointing to a broad risk-off tone that can influence crypto liquidity and pricing dynamics, source: @StockMKTNewz on X, Nov 17, 2025. During equity drawdowns, BTC and ETH have shown positive short-term correlations with U.S. tech equities, affecting downside beta and intraday volatility for crypto, source: Kaiko Research 2023 cross-asset correlation analyses. Bitcoin’s realized and implied volatility historically expand around macro stress events, often coinciding with higher derivatives activity and basis shifts, source: Glassnode 2023 market reports; source: CME Group 2023 BTC futures volume updates. For trading, monitor BTC–QQQ rolling correlation, perpetual funding rates, and spot-futures basis to gauge positioning shifts when U.S. equities fall more than 1%, source: Coin Metrics 2023 State of the Network on derivatives signals; source: Kaiko 2023 correlation dashboards.