According to @KobeissiLetter, RH fell over 8% after President Trump announced a major tariff investigation on furniture imports into the U.S.; The Kobeissi Letter reported the move on X on Aug 22, 2025 (source: The Kobeissi Letter on X). IMF research has documented that Bitcoin and U.S. equities have become more correlated during risk-off episodes, implying crypto desks should monitor BTC and ETH for potential volatility spillovers if tariff headlines persist (source: IMF blog, Crypto Prices Move More in Sync with Stocks by Tobias Adrian, Tara Iyer, and Mahvash S. Qureshi, Jan 2022).