S&P 500 TECH AT 7-YEAR VALUATION LOWS -- FIRST STRUCTURAL REPRICING SINCE 2019
Forward P/E premium just collapsed to +4% vs. the broader market. That's a 32-point drop since October -- one of the largest shifts on record.
When growth expectations reset this hard, institutional capital typically rotates into non-correlated assets.
Crypto's macro hedge narrative just got a lot louder.