According to The Kobeissi Letter, the delinquency rate on commercial mortgage-backed securities (CMBS) for office properties surged to 10.3% in April 2025, nearly matching the record high. This marks a 9 percentage point increase over the past three years, signaling deepening stress in the commercial real estate sector. For cryptocurrency traders, heightened defaults in CMBS markets can trigger broader financial instability and risk-off sentiment, historically leading to increased volatility and potential short-term downside in risk assets such as Bitcoin and Ethereum (source: The Kobeissi Letter, May 7, 2025).