Crypto markets have dumped 10% in less than 24 hours as more than $240 billion exited the space.

Meanwhile, stock market futures are down 15% in three days “like we are in a depression,” commented the Kobeissi letter on April 7.

Oil prices are trading below $60, “like demand has collapsed,” gold prices are down $180 in two sessions, “like there’s a flight to cash,” and bond prices are skyrocketing, “like the economy has halted,” it added.

“Sentiment is down to March 2020 levels like we are entering a lockdown. This is a mass flight to the sidelines.”

Current situation:

1. Stock market futures are down -15% in 3 days like we are in a depression

2. Oil prices are trading below $60 like demand has collapsed

3. Gold prices are down $180 in 2 sessions like theres a flight to cash

4. Bond prices are skyrocketing like the…

Lockdown Level Fear and Panic

Almost five years ago, in March 2020, crypto markets dumped almost 50% in around a week as the world went into lockdown.

Fast-forward to 2025, and around half a trillion dollars—more than double the entire crypto market cap in March 2020—has left the space over the past month … and almost half of that has exited over the past 24 hours.

“Bearish sentiment is arguably near its highest levels in history,” Kobeissi stated before adding that “Black Monday” has become the consensus view amid tariff uncertainty.

“It would take a lot to not see at least short-term capitulation this week.”

It added that today’s drop in US stock market futures puts SP 500 futures down by 22% and in bear market territory. The US stock market has now erased an average of $400 billion per trading day for 32 straight days, it revealed.

On Friday, investors were hopeful of signs of a trade deal this weekend. However, it was complete silence that occurred, “and markets hated it.” When Trump was questioned about the massive sell-off, he said, “Sometimes you have to take medicine.”

Asian Stocks Tank

Meanwhile, stock markets across Asia have opened with double-digit declines as trading resumed this Monday. Many of them hit “circuit breakers,” which are protection mechanisms to pause trading to prevent capitulation events.

Here are all the markets that hit circuit breakers today so far:

China

Taiwan

Japan

Russell Futures

Australia

Singapore$VIX is up 14.62%. pic.twitter.com/FLBsDz1oFM

Economist and investor Raoul Pal called it “the delicious smell of peak fear on Sunday and Monday,” adding, “This too shall pass.”

“I hope you are ready to look for spare cash under the sofa to add very, very soon. In a bull market, such opportunities are a gift.”

However, few would agree with his bull market observation after such a violent sell-off, especially crypto investors.