If we were to find a common thread in the markets of the past few years, whether it's the US stock market or crypto, it's probably that investors are keen on buying future growth and are willing to continuously inject capital into growth projects. Large tech companies, Bitcoin treasuries, crypto protocols, and the NFT metaverse have all benefited to varying degrees from this valuation method. However, this bubble is only beginning to show cracks in the US stock market. In fact, crypto has been undergoing this stress test since 2024. The number of FOMOs (focal misconceptions) that can be generated from future narratives is decreasing, and retail investors are flocking to prediction markets and meme markets. They are borrowing from the market to anticipate future imaginations but failing to deliver. Over time, this either leads to a complete collapse of capital or extreme short-sightedness, focusing only on immediate feedback speculation. The same thing is about to happen again in the US stock market.