According to The Kobeissi Letter, 23% of S&P 500 companies referenced 'recession' during their Q1 2025 earnings calls, the highest level since 2022 and exceeding all years from 2008 to 2020 except one (source: The Kobeissi Letter, May 13, 2025). This significant uptick in recession concerns among US corporate executives signals heightened economic uncertainty, which historically drives increased volatility and risk-off sentiment in both traditional equities and cryptocurrency markets. Traders should monitor for potential capital flows out of risk assets like Bitcoin and Ethereum as macroeconomic caution rises.