According to @KobeissiLetter, the cost to hedge Nasdaq 100 exposure (QQQ) versus the S&P 500 (SPY) has widened to roughly 6 points, the highest since September 2024, indicating tech-focused downside protection is now markedly pricier than broad-market hedges, source: The Kobeissi Letter on X, Nov 28, 2025. According to @KobeissiLetter, the relative hedging cost has nearly doubled since July, highlighting a sharp rise in demand for protection on technology stocks, source: The Kobeissi Letter on X, Nov 28, 2025. For crypto traders, equity risk-off can transmit to digital assets because crypto and U.S. equities have shown stronger positive correlations since 2020, raising spillover risk to BTC and ETH when tech hedging costs spike, source: International Monetary Fund blog "Crypto Prices Move More in Sync With Stocks," Jan 2022.