According to @KobeissiLetter, US non-AI corporate distress is rising, with 9 Chapter 7 filings by companies carrying liabilities of at least USD 100 million so far in 2025, marking the fourth-highest annual pace on record (Source: @KobeissiLetter, Dec 2, 2025). The same source reports there were 13 and 11 such large bankruptcies in 2023 and 2024, respectively (Source: @KobeissiLetter, Dec 2, 2025). Research finds crypto has become tightly linked with broader risk sentiment, with Bitcoin’s correlation to US equities rising significantly in recent years, making BTC and ETH more sensitive to macro risk-off conditions (Source: International Monetary Fund, Crypto Prices Move More in Sync With Stocks, Jan 2022). To monitor potential spillovers, traders often track US high-yield credit stress via the ICE BofA US High Yield Index Option-Adjusted Spread and liquid proxies such as HYG and JNK, alongside equity volatility via the Cboe VIX and BTC/ETH correlations to the S&P 500 (Source: ICE Data Indices; iShares HYG fund description; SPDR JNK fund description; Cboe VIX overview).