According to The Kobeissi Letter, the S&P 500 dropped by 1.1% today as investors remain cautious ahead of key trade deal announcements (source: @KobeissiLetter, May 6, 2025). This sharp decline in equities has triggered increased volatility across risk assets, including major cryptocurrencies like Bitcoin and Ethereum, as traders adjust positions in response to macroeconomic uncertainty. Historically, heightened equity market uncertainty leads to spillover in crypto markets, amplifying price swings and trading opportunities. Crypto traders should closely monitor developments on trade negotiations, as further delays or negative headlines could fuel additional selling pressure and liquidity shifts across digital assets.