According to The Kobeissi Letter, the S&P 500 erased about $1.5 trillion in market capitalization between 10:40 a.m. ET and 12:20 p.m. ET, or roughly $15 billion per minute for 100 minutes, with no single material headline identified during the decline. Source: The Kobeissi Letter. For trading relevance, this headline-light equity shock signals a sharp risk-off move that warrants close monitoring of cross-asset liquidity and volatility, especially for portfolios that hedge or correlate with U.S. equities; the source did not report any crypto-specific price action. Source: The Kobeissi Letter.