Big Tech isn’t a bubble, but expensive valuations are a risk in themselves—once it’s pricey, the market becomes more demanding about every earnings report and every guidance, and any slight miss gets amplified into a sell-off.

This fragility isn’t a “bad news after which things are over”; it’s that the tolerance for upside has effectively dropped to zero. For crypto, when U.S. markets take their foot off the gas by one notch, the first things to be pulled back are assets with high beta like ours.

In the gusts, don’t chase after highs; keep cash and wait for positions to be mistakenly marked down.