According to @KobeissiLetter, China’s new-home prices across 70 major cities fell 0.45% month over month in October, the steepest drop in a year, while resale home prices declined 0.66% month over month, the largest fall in 13 months, with all 70 cities recording declines in both segments, confirming broad-based weakness (source: @KobeissiLetter, Nov 16, 2025). The property downturn has persisted for over four years and a China Index Academy survey across 260+ cities shows home-buying confidence in smaller cities dropped 2.9 percentage points month over month, underscoring continued demand softness (source: @KobeissiLetter, Nov 16, 2025). For crypto traders, heightened macro stress matters because IMF research shows crypto’s correlation with equities rose sharply post-2020, implying macro shocks can transmit to BTC and ETH volatility and cross-asset risk sentiment (source: IMF, 2022; source: @KobeissiLetter, Nov 16, 2025).