An isolated crypto sell-off: US stock market futures just opened and they are completely unfazed by the crypto decline this weekend. Even as crypto has lost -100 billion since Friday, US stock market futures are GREEN. Meanwhile, gold just opened above 4,100/oz and yields are on the rise. The isolated nature of the -25% crypto downturn further supports our view: This is a leverage and liquidation-based crypto "bear market." A bottom forms when market structure is re-established.(The Kobeissi Letter)