I've said this many times over the years but getting a lot of questions in the comments right now so I will re-iterate: No, I don't think that if the SPX has topped that it necessarily means Bitcoin/crypto has topped as well. Here's why: Remember- crypto is a global phenomenon. Global equities had hit 130T in 2023 (I can't find what current value is but assuming it's even higher) and crypto still sits at a market cap of 2.5T (1.5T of which is BTC). That's essentially less than 2% of global equities. If we add on other global investment assets/comparables, it's an even smaller fraction. Even in a negative macro environment, or one in which the SPX and trad markets in the US (and other countries) have indeed topped, it would take a fraction of a single percent of money that is exiting all the above markets to find it's way to Bitcoin to give us another massive leg to the upside. We have already seen proof of sovereign wealth funds, global asset managers, and corporations buying Bitcoin- so it's not crazy to think that some more money will find it's way into Bitcoin if we are to see a multi-year mass exodus out of traditional investment vehicles. There is also no other perfect narrative for Bitcoin to thrive in than crashing economies spurred on by aggressive government actions- after all, this is what Bitcoin was made for right? Ultimately, my point is that this space is still so small relative to global investment vehicles that it really doesn't matter if global equities have topped. Bitcoin can still easily continue climbing for the blow-off top we've been anticipating, and after THAT, may be likely to follow trad markets down into a secular bear of it's own.