Bitcoin, which recovered from its sub-$16,000 level early Tuesday, is currently down more than 66% year to date. Ether, similarly, is approaching a 70% decline since January 2022. Equities are also likely to end the year solidly lower, with the S&P 500 and Nasdaq Composite indexes currently 17% and 30% lower year to date, respectively. Two-year Treasurys now yield around 0.65% more than ten-year Treasurys, according to data from the St. Louis Federal Reserve. A negative spread has historically been a leading indicator of a recession, analysts note. Every recession from 1955 to 2018 has been preceded by a negative spread between six months and two years before the recession occurred, according to data from YCharts. (Blockworks)