According to @KobeissiLetter, after widespread claims on November 20 that the AI bubble had popped and a subsequent $2 trillion drawdown by November 21, the S&P 500 rallied roughly 300 points from the low within three trading days, highlighting a sharp risk-on reversal in U.S. equities, source: The Kobeissi Letter on X, November 26, 2025. For crypto traders, IMF research has documented that Bitcoin and equities have become increasingly correlated since 2020, suggesting equity momentum can spill over to BTC and ETH risk sentiment, source: International Monetary Fund, Crypto Prices Move More in Sync With Stocks, January 2022, and related IMF research.