According to @business, a senior executive testified that Alphabet has spent the past two years technologically decoupling its life sciences unit Verily to enable a potential sale or spin-off, source: Bloomberg, Oct 2, 2025, https://www.bloomberg.com/news/articles/2025-10-02/alphabet-plans-sale-or-spin-off-of-verily-unit-executive-says. For market participants, corporate spin-off and carve-out announcements are historically associated with abnormal stock returns and elevated volatility that options markets price in, source: Desai and Jain, Journal of Financial Economics 1999; Veld and Veld-Merkoulova, Journal of Banking & Finance 2004. In crypto, equity mega-cap tech headlines can spill over via positive BTC–Nasdaq correlation observed in multiple 2023–2024 episodes, source: Kaiko market structure research 2024.