According to @KobeissiLetter, Bitcoin (BTC) is now down about 6% year-to-date after having been up as much as 40% YTD into October 2025, with the broader crypto market also collapsing in tandem (source: @KobeissiLetter). According to @KobeissiLetter, the drawdown is characterized as a mechanical bear market driven by excessive leverage, while precious metals have posted a historic run, underscoring a rotation away from crypto in the near term (source: @KobeissiLetter).