According to @caprioleio, Treasury money market fund market NAV readings below 1 have hit a new all-time high, and he warns that if the broader market does not bounce soon, this stress could drive the next leg lower in risk assets. Source: Charles Edwards (@caprioleio) on X, Nov 14, 2025. In money market funds, a market NAV below 1 means the portfolio would be valued under 1 dollar per share on a mark-to-market basis, a risk metric monitored under SEC Rule 2a-7 and by the U.S. Treasury Office of Financial Research Money Market Fund Monitor. Source: U.S. SEC Rule 2a-7; U.S. Treasury Office of Financial Research MMF Monitor. For trading, Edwards’ alert can be treated as a risk-off cue; traders may reduce exposure or hedge in BTC and ETH while monitoring the breadth of mNAV-below-1 readings for confirmation. Source: Charles Edwards (@caprioleio) on X, Nov 14, 2025.