According to @StockMarketNerd, the mid-November 2025 sell-off left the S&P 500 down nearly 5% from all-time highs. Source: @StockMarketNerd on X, Nov 24, 2025. A decline of around 5% is commonly categorized as a pullback, while a correction typically starts at about 10%, framing the equity move as modest. Source: Investopedia, Market Correction and Pullback definitions. For crypto traders, equity risk-off episodes have shown stronger transmission to BTC and ETH since 2020, implying S&P 500 swings can influence crypto volatility and direction in the short term. Source: International Monetary Fund, Crypto Prices Move More in Sync With Stocks (Jan 2022) and Global Financial Stability Report (Oct 2022). Key gauge to watch is VIX for equity volatility, which is widely used as a proxy for risk sentiment that can spill over to crypto market liquidity and price swings during stress. Source: Cboe VIX Index overview; International Monetary Fund 2022 correlation analysis.

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).

According to Charlie Bilello, the S&P 500 fell 5.8% from its October 29 peak at today’s low, marking the 31st pullback of 5% or more since the March 2009 bottom, with prior drawdowns eventually recovering over time. Source: Charlie Bilello on X, Nov 21, 2025. For crypto traders, research shows stock–crypto linkages strengthened after 2020, with Bitcoin increasingly moving in sync with U.S. equities during risk-off episodes, implying S&P weakness can transmit to BTC and ETH volatility. Source: International Monetary Fund, “Crypto Prices Move More in Sync With Stocks,” 2022. European Central Bank analysis also reports higher correlations between crypto assets and stock markets during stress, reinforcing the need to track S&P 500 moves when managing crypto exposure. Source: European Central Bank, Financial Stability Review, 2022.

According to Charlie Bilello, a 5% S&P 500 pullback set the plunge protection team in motion, underscoring a market addicted to easy money (Source: Charlie Bilello, X, Nov 21, 2025). He adds that with inflation averaging roughly 4% per year over the last five years, the Federal Reserve should be hiking rates instead of cutting and has lost credibility, framing policy as too accommodative for current price trends (Source: Charlie Bilello, X, Nov 21, 2025). For trading, Bilello’s stance signals that shallow equity drawdowns may coincide with easier policy expectations, a setup that traders often watch for liquidity-sensitive moves in BTC and ETH alongside real-yield and rate-cut headlines (Source: analysis based on Charlie Bilello, X, Nov 21, 2025).

According to @business, Morgan Stanley's chief US equity strategist said the US equity market is poised for a pullback due to elevated investor exposure and high valuations. Source: @business, Bloomberg, Oct 13, 2025. According to @business, the linked Bloomberg report highlights an S&P 500 downside risk of about 11% tied to trade-war pressures, reinforcing a risk-off bias. Source: @business, Bloomberg, Oct 13, 2025. According to @business, this risk-off signal means traders may monitor equity beta, liquidity, and cross-asset volatility for spillovers, with BTC and ETH sensitivity likely to rise if equities weaken. Source: @business, Bloomberg, Oct 13, 2025.

According to @KobeissiLetter, the Nasdaq logged nearly a 2% two-day decline as U.S. stocks pulled back from record highs, while the S&P 500, after an approximately 37% gain over five months, is experiencing what the source described as much needed relief (Source: @KobeissiLetter, Sep 24, 2025). The update did not provide crypto-specific impacts or levels, limiting immediate cross-market read-through for digital assets (Source: @KobeissiLetter).