According to The Kobeissi Letter, US office vacancy rates surged to 20.4% in Q1 2025, surpassing the post-2008 financial crisis peak of approximately 17.5%. This record high vacancy rate has driven a nation-wide decline in office prices by roughly 40% per square foot over the past three years (source: The Kobeissi Letter, June 12, 2025). For traders, this deepening real estate downturn signals increased risk for commercial real estate-backed securities and REITs. Historically, such structural shifts have redirected institutional capital toward alternative assets, notably cryptocurrencies like BTC and ETH, as investors seek higher yields and hedges against traditional market volatility. Crypto traders should monitor these macroeconomic trends for potential inflows into top digital assets.