According to @EricBalchunas, Tuesday’s decline was a garden‑variety one‑day selloff, with SPY volume supporting that assessment. Source: Eric Balchunas on X, Sep 4, 2025. For crypto traders, documented equity–crypto co‑movement means SPY stabilization after a one‑day shock can limit spillover into BTC and ETH volatility, so monitoring SPY price and volume into the next session is critical. Source: IMF Global Financial Stability Note, Jan 2022; BIS Bulletin No. 62, 2022.

According to Eric Balchunas, the SPY volume has stabilized for the fifth consecutive day, remaining below the critical $60 billion 'Freak Out' threshold. This suggests a lack of excessive portfolio adjustments, indicating market stability as volumes align with long-term averages.