According to The Kobeissi Letter, as the S&P 500 surpassed the 5900 mark, they initiated short positions due to observed strength in yields. Their target of 5750 was reached, marking the pre-market low in S&P 500 futures today, and the trade was closed for a significant gain (Source: The Kobeissi Letter, Twitter, May 23, 2025). The sharp drop in the S&P 500 and rising yields often pressure risk assets, including cryptocurrencies, as traders may rotate out of high-volatility assets like Bitcoin and Ethereum into safer instruments. This could signal increased volatility and selling pressure across the crypto market in the short term.