According to The Kobeissi Letter, about 35 percent, roughly 175 stocks, of the S&P 500 are now in bear market territory, the highest share since May, compared with about 20 percent on average during the 12 months through November 2024 (source: The Kobeissi Letter, Dec 6, 2025). According to The Kobeissi Letter, this points to narrowing market breadth that traders monitor as a gauge of underlying equity participation (source: The Kobeissi Letter, Dec 6, 2025). According to IMF research, Bitcoin and U.S. equities have become more correlated since 2020, so crypto traders track equity breadth as a risk sentiment signal (source: IMF Staff Blog, 2022). According to BIS analysis, stronger equity‑crypto comovement raises the risk of cross‑asset volatility transmission, making BTC and ETH more sensitive to shifts in S&P 500 breadth (source: Bank for International Settlements, 2022).