High-yield spreads have shown dramatic spikes during crisis periods: peaking during the 2008 financial crisis, spiking during the 2020 COVID market crash, and rising again during the 2022 inflation surge. Bitcoin's response to these risk-off periods has evolved: it didn't exist during the 2008 crisis, crashed alongside traditional markets in March 2020 but recovered much faster, and showed relative resilience during the 2022 credit concerns. The chart also reveals that all three Bitcoin halvings (2012, 2016, 2020) occurred during periods of relatively stable or declining credit spreads, potentially contributing to their bullish impact.