According to The Kobeissi Letter, S&P 500 company executives expressed the lowest optimism since 2008 during Q1 2025 earnings calls, with the ratio of positive to negative economic terms falling to approximately 1.7x compared to 3.1x previously (source: The Kobeissi Letter on Twitter, April 26, 2025). This significant decline in executive sentiment signals rising corporate caution, which historically correlates with increased market volatility and potential risk-off moves. Crypto traders should monitor for possible spillover effects into digital assets, as negative sentiment in traditional markets often drives capital flows and volatility in the crypto sector.