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Financial markets are more than just the SP500. The sentence before that is talking about both stock markets and crypto markets. Crypto (BTC specifically, but also others) dropped ~30% in December.

And how much did crypto go up this year compared to S&P500?

That's not the point. There was a selloff in December. How crypto fared compared to anything else at any time period is irrelevant.

tech stocks (outside FAANG) are way off highs. Most down 30-50%.

Presumably Musk