According to Charlie Bilello, the US bond market has been in a drawdown for 64 months, the longest in history. According to Charlie Bilello, a drawdown of this length indicates that broad bond total returns have not reclaimed prior highs for over five years, underscoring persistent rate and duration pressure that traders need to factor into positioning. According to Charlie Bilello, this record drawdown serves as a notable macro backdrop that traders can use when calibrating duration exposure, rate hedges, and risk allocation across assets, including crypto.

According to CNBC, U.S. stocks had a rough and historically atypical November versus usual seasonality, providing a macro backdrop for crypto traders monitoring cross-asset risk sentiment. Source: CNBC

According to @52kskew, past BTC sell-offs of similar magnitude were followed by roughly 1–3 months of consolidation, referencing Aug 2023, Nov 2022 FTX crash, Dec 2021 flash crash, and the May 2021 summer sell-off from HTF distribution, source: @52kskew on X, Oct 10, 2025. The author emphasizes that the type of consolidation structure combined with the macro backdrop will be critical for market direction and positioning from here, source: @52kskew on X, Oct 10, 2025. For traders, this playbook implies preparing for range-bound conditions over the next 1–3 months and aligning exposure with evolving macro signals that could resolve the range, source: @52kskew on X, Oct 10, 2025.