According to @charliebilello, the S&P 500 fell 1.2% yesterday, marking the 29th session in 2025 with a decline greater than 1%, which he notes is in line with the long-term average of 29 such large down days per year, highlighting that downside volatility is a normal feature of markets (source: Charlie Bilello). For trading, this means equity risk remains elevated but not abnormal, and positioning should account for routine large swings in SPX that can affect cross-asset risk appetite (source: Charlie Bilello). Crypto traders should note that equity selloffs have historically coincided with higher BTC–SPX return co-movements; IMF research documented that the BTC–S&P 500 daily return correlation rose from near zero in 2017–2019 to about 0.36 in 2020–2021, indicating higher spillover risk during risk-off episodes (source: IMF, 2022, Crypto Prices Move More in Sync With Stocks). Monitoring the Cboe VIX, which measures expected SPX volatility, alongside BTC and ETH can help manage beta and leverage when equity downside accelerates (source: Cboe Global Markets; IMF, 2022).

According to Material Indicators (@MI_Algos), BTC bid support at the YO level of $93.5k was removed, with another block of bids stair stepping down. This technical shift paves the way for potential downside volatility as traders prepare for Wednesday’s upcoming economic reports and the monthly close. If BTC manages to reclaim and hold the $93.5k YO support, it could trigger a significant short squeeze, making this level a key focus for both bulls and bears in the near term (Source: Material Indicators on Twitter, April 30, 2025).