Jim Paulsen Warns S&P 500 Could Fall 15% on Oil, Yields, Dollar

Paulsen's point is less about any single trigger than about the lag: macro stress from oil, yields and the dollar often shows up in equities with a delay, which is why the market can look calm while the inputs are already hostile. The read-across for crypto and RWA markets is that risk appetite is set elsewhere first, and digital assets rarely decouple when the S&P finally reprices. Whether those three pressures persist together is the open question, and the sequencing matters more than the level.