Valuation Metrics - Crypto marketcap (excluding $BTC & stables) trades at approximately 250x Price-to-Sales (P/S) ratio [1] - Nasdaq trades at 625% (6.25x) P/S ratio [1] - S&P 500 trades at 336% (3.36x) P/S ratio [1] Market Sentiment - Crypto valuations are primarily driven by monetary premiums rather than fundamentals, despite the rise of the "revenue meta" [1] - The majority of capital is in crypto [1]