Crypto stocks Coinbase, Circle, Robinhood drop 40-56% as S&P 500 hits record

Coinbase (COIN), Circle (CRCL), and Robinhood (HOOD) have fallen 40% to 56% from their peaks, while the S&P 500 hovered near a record high in October. Market data firm Kobeissi Letter describes this as a "stealth bear market," noting that just 10 stocks have driven 70% of the index's gains since March 30, masking broader losses. Crypto-linked equities have suffered alongside tech names, with Coinbase ranking third among 20 stocks in bear market territory at a 56% decline. Meanwhile, Bitcoin struggles to hold above $80,000 despite a US Treasury bond buyback.