Tbh I’m surprised by the PA the past 12 months. The disconnect between equities, gold, BTC and Alts is insane. No real correlation. No clean takeaway. My view is simple, Alts have been hammered too hard. I don’t buy a bear market before Alt SZN. I don’t buy that equities or gold will outperform crypto long term. When proper risk-on is back, crypto goes ballistic.