According to @lisaabramowicz1, annual US corporate bankruptcy filings are on track to be the highest since 2010, signaling rising default risk into year-end. Source: https://twitter.com/lisaabramowicz1/status/1989064017693073491 S&P Global Market Intelligence reports bankruptcies ticked up in October, pushing annual filings near a 15-year high in 2025. Source: https://www.spglobal.com/market-intelligence/en/news-insights/articles/2025/11/us-corporate-bankruptcies-tick-up-in-october-annual-filings-near-15-year-high-94917533 The update highlights that more 'isolated incidents' could emerge, including in software, underscoring sector-specific credit stress to monitor. Source: https://twitter.com/lisaabramowicz1/status/1989064017693073491 Rising corporate distress is historically associated with wider US high-yield credit spreads and tighter financial conditions, a risk-off backdrop for equities and other risk assets. Source: Federal Reserve Financial Stability Report, October 2023, https://www.federalreserve.gov/publications/2023-october-financial-stability-report.htm For crypto markets, higher risk aversion has been linked to stronger co-movement between BTC, ETH and equities, implying potential volatility spillovers during credit stress. Source: IMF blog "Crypto Prices Move More in Sync With Stocks," 2022-01-11, https://www.imf.org/en/Blogs/Articles/2022/01/11/crypto-prices-move-more-in-sync-with-stocks-risk-of-contagion-rises