I have mentioned this chart a few times in the past, but it does really go to show just how extreme things got the last few years. The chart is SPX/(UNRATE^2)*USIRYY*USINTR Unravelling things after extreme euphoria is never an easy process. As things have been unwound over the last several years, most markets have gone higher on hopes of a soft landing. But there has generally been a flight to quality within each asset class as people buy what they better understand and think has value long-term, rather than short-term speculative investments. Unwinding euphoria has never been an easy or a fun process, but it is a process we have been going through for the last several years. As liquidity and monetary policy has stayed relatively tight the last several years, it has led to a general flight to quality within each asset class. This is why BTC outperformed most other things in crypto and why the MAG7 generally led the S&P 500. Starting out far on the risk curve, altcoin weakness was observed first as they bled to BTC for years. Then as the BTC bull market came to an end, BTC was noticeably bleeding to SPX. Then it became apparent that SPX was bleeding to Gold (which it already had been but more people started to notice). Notice how we are basically just working our way down the risk curve? As this chart falls back down to prior support levels, it represents us going back to normal times. What I love about this chart is that you can clearly see each business cycle and how every single one of them ended in a recession before the next business cycle began.

Name & Symbol: SPX6900 ($SPX)
Address: 0xe0f63a424a4439cbe457d80e4f4b51ad25b2c56c

This post from 11 days ago was not well received by some. But it goes to show how so many people will be overconfident in their ability to predict the end of a trend, despite not being able to catch any part of the trend to begin with. The idea often expressed is "Oh, alts are down so much already, pivoting now is crazy!" And then a couple weeks later we can see the trend did not change. My guess is that this trend will continue for a majority of 2026. Since the post above.. (which is still years after when I pivoted away from ALTs), ALTs are down.... 3% against Bitcoin 3% against SPX 5% against USD 10% against Gold 22% against Silver I know my posts might not sound empathetic, but for years I have just wanted people to understand that altcoins are not good long term investments. Unfortunately, I had to learn that lesson many times the hard way. It's easy to get caught up in the hype that is pedaled but they just simply do not carry a long-term investment thesis. If you trade them, they generally should be short-term trades in my opinion. Altcoins are essentially the millennial generation's version of penny stocks. Because I don't really do short-term trading, I don't find them that interesting. We can check back in on this post later in the year, but my guess is this midterm year is a bear market for crypto, just like 2014, 2018, and 2022. Bear markets allow us to reset and focus on what matters.

Name & Symbol: SPX6900 ($SPX)
Address: 0xe0f63a424a4439cbe457d80e4f4b51ad25b2c56c

#SPX 2025 YTD ROI compared to the average of prior post-election years. Late September-mid October tends to be a weak time. Could see a slight pullback (maybe 5%). This cycle, BTC has often bottomed early on in the SPX correction, and then leads the way out of it. https://t.co/N2eBWPkwX3

Name & Symbol: SPX6900 ($SPX)
Address: 0xe0f63a424a4439cbe457d80e4f4b51ad25b2c56c