The longest government shutdown in history, the Iran war, and the 4-yr cycle theory led to a COVID-like correction in the broader high timeframe crypto cycle.

The S&P 500 likely faces the same economic conditions as the 1990s w/ the Gulf War, oil crisis, and credit crunch acting as stress factors mitigated the growth of compute technology. Global stress hedge in gold is presumably exhausted. Both $SPX and $XAU have likely put in there 2026 range highs +/- 5%.
Global money supply expansion, interest rate cuts, a new fed chair, etc. setup for a rotation along the risk curve in one of the most hypervolatile periods in recent history. Expecting a stock rotation to $IWM strength w/ a premium on crypto, robotics, human convenience/creativity, an AI infrastructure.
A pro-crypto admin w/ the crypto clarity act on the horizon is fuel for a last ditch effort toward any hope of midterm election success in a broken economy that is showing signs of breaking out a 3-yr recession.
The 2026 crypto bubble is starting. $BTC to 1M and $TOTAL passing the market cap of gold to 35T would be peak mania.