The crypto world and Wall Street are like Du Yuesheng and Chiang Kai-shek— both serve as chamber pots when needed. When the valuation of risk assets reaches a certain height, the vulnerability of crypto assets far exceeds that of U.S. tech stocks. So whenever there’s turbulence in the market, Wall Street can short crypto assets to hedge against the bubble in U.S. tech stocks. The trends over the past year fully illustrate this logic. Many people in the crypto space still think it’s closely linked to U.S. stocks—way overthinking it. Every drop in crypto happens before U.S. stocks take a hit. This game might go on for a long time. And if crypto gets played into collapse, don’t worry— they’ll pull it back up to keep the game going.