According to @charliebilello, the S&P 500 fell 5.8% from its Oct 29 peak at today’s low, marking the 31st 5%+ pullback since the March 2009 bottom. Source: @charliebilello (X, Nov 21, 2025). He also notes that each prior pullback eventually recovered to new highs, underscoring the historical tendency for equities to mean-revert after drawdowns. Source: @charliebilello (X, Nov 21, 2025). For crypto traders, stronger post-2020 stock–crypto correlations mean equity risk-off can spill over into BTC and ETH volatility and liquidity, making S&P drawdowns a key cross-asset sentiment gauge. Source: International Monetary Fund, Crypto Prices Move More in Sync with Stocks (Jan 2022).

According to @CryptoMichNL, the four-year Bitcoin cycle does not exist and a peak will not occur during this period of the supposed cycle, shifting BTC trading focus toward macro drivers, source: X post on Nov 14, 2025 https://twitter.com/CryptoMichNL/status/1989358914094420251. He states Bitcoin is correlated to macro conditions and that macro factors are more important than the halving cycle for BTC, guiding traders to prioritize macro regime analysis over cycle narratives, source: X post on Nov 14, 2025 https://twitter.com/CryptoMichNL/status/1989358914094420251. He shares a video for deeper context behind this thesis for traders to review, source: YouTube https://youtu.be/Etzr7KuOolI.

According to @CryptoMichNL, the altcoin cycle is not over and he expects this quarter to surprise to the upside for altcoins as many traders rely too heavily on time-based BTC halving narratives rather than macro-driven institutional flows (source: @CryptoMichNL on X, Nov 9, 2025). He states miners’ marginal impact on BTC is smaller than institutional capital, implying macro conditions, not the halving, should guide positioning (source: @CryptoMichNL on X, Nov 9, 2025). He contends that a true bull run has not yet begun and that the market is at the forefront of one starting this quarter, favoring continued altcoin exposure over a purely halving-timed strategy (source: @CryptoMichNL on X, Nov 9, 2025). For traders, his view signals monitoring macro catalysts and institutional flows while maintaining selective altcoin exposure to capture a potential Q4 rotation (source: @CryptoMichNL on X, Nov 9, 2025).

According to PANews, NYDIG head of research Greg Cipolaro states that Bitcoin has evolved into a barometer of global liquidity, with a strengthening inverse relationship to real yields, while inflation is not the primary driver of BTC price action (source: NYDIG). NYDIG notes that traders should prioritize tracking real yields and liquidity conditions over CPI prints when assessing BTC direction, as BTC increasingly mirrors shifts in global liquidity and the level of real rates (source: NYDIG). NYDIG indicates that easing real yields and expanding liquidity are typically constructive for BTC, while rising real yields and tighter liquidity are headwinds that can pressure BTC performance (source: NYDIG).

According to @KobeissiLetter, safe havens, risky assets, real estate, crypto, and global bond yields are hitting daily record highs as the US Dollar, the key denominator, falls 10% year to date and is on track for its worst year in over 40 years (source: @KobeissiLetter). @KobeissiLetter adds that confidence in fiat currencies is at multi-decade lows and advises to position accordingly, indicating USD weakness as a critical driver for crypto and broader risk exposures (source: @KobeissiLetter).

According to @cas_abbe, Bitcoin BTC holding above 100K is being supported by the U.S. dollar and global liquidity rather than crypto specific headlines, the source states. The source indicates traders should anchor their BTC bias to USD trend and liquidity conditions when assessing breakdown risk or continuation potential, per @cas_abbe. The source suggests tracking the U.S. Dollar Index DXY and global liquidity gauges for confirmation signals on BTC trend sustainability, according to @cas_abbe.

According to @Andre_Dragosch, stablecoin demand—including Tether's $100 billion in short-term US Treasury holdings—will not be sufficient to significantly impact US Treasury yields. Dragosch notes that even with Tether's massive exposure, it would require approximately 10% of total Treasury issuance in net purchases to lower long-term yields by 30–50 basis points, which is far beyond current stablecoin demand levels (Source: Twitter/@Andre_Dragosch). For crypto traders, this analysis suggests that stablecoin growth is unlikely to provide tailwinds for US Treasury markets or indirectly benefit risk appetite in the crypto sector, keeping the focus on macroeconomic drivers rather than stablecoin treasury allocations.