Coinbase (COIN), Circle (CRCL), and Robinhood (HOOD) shares trade 40% to 56% below their highs. The S&P 500 sat near a record in October, a split the Kobeissi Letter calls a stealth bear market.

Since March 30, 10 stocks have driven 70% of the S&P 500’s gains. That concentration hides damage elsewhere, including crypto-linked equities, whose holders carry losses the headline index does not show.

Why Are Crypto Stocks Stuck in a Stealth Bear Market?

Kobeissi lists 20 technology stocks in bear market territory, led by AppLovin at 65%. Coinbase ranks third at 56%, with Circle at 44% and Robinhood at 40%.

Nvidia alone supplied 13% of the index’s gain. However, Micron and Alphabet also rank…