According to @KobeissiLetter, the top five most volatile sessions account for about 50% of total US stock market volatility in 2025, marking the highest concentration since 1987; source: @KobeissiLetter, Nov 1, 2025. According to @KobeissiLetter, this share is roughly twice 2024 and five times 2023, with only 2008 and 2020 exceeding 40% since 2000; source: @KobeissiLetter, Nov 1, 2025. According to @KobeissiLetter, the market has become hypersensitive, concentrating risk around macro catalysts, and this pattern tends to increase gap and liquidity risk that can spill into crypto risk assets like BTC and ETH during stress, a dynamic supported by cross-market correlation research; sources: @KobeissiLetter, Nov 1, 2025; Kaiko Research 2023–2024.