The data from Bitwise is pretty interesting: the valuation gap between Bitcoin and U.S. tech stocks has hit a historic high. bitcoin:native's current MVRV is only 1.42, which is higher than just 36% of historical periods. On the flip side, the Nasdaq 100's P/B ratio has almost surpassed 99% of historical periods. Of course, MVRV and P/B are not the same valuation metrics—one looks at on-chain cost vs. market cap, while the other compares stock price to book value—so you can't directly compare them. But this gap itself says a lot: Tech stock prices are already packed with expectations for AI, rate cuts, profit expansion, and long-term growth. Meanwhile, on the BTC side, even though ETFs have opened the door for institutional investors, on-chain valuations haven't entered the extreme euphoria zone yet. Bitwise's take: In the second half of the year, U.S. tech stocks might see a correction before Bitcoin spot ETFs, which could then ripple into the crypto market. This means BTC still has room for a catch-up rally in the second half of the year.