$HANA$ADBE The valuation divide in U.S. software stocks is teaching crypto a lesson: Adobe’s price-to-sales ratio is just one-third of Okta’s, yet their growth rates are comparable. This “same growth, different price” valuation gap ultimately reflects institutional investors’ extreme preference for predictable cash flows in a high-interest-rate environment shaped by the Fed. The dollar index and interest-rate expectations are currently fluctuating near elevated levels, and the liquidity tap remains closed. On Wall Street, investors are worried about an AI capex bubble (futures are mixed, and inflation data are still pending), while paying a premium only for “predictable earnings.” High-multiple growth stocks like Okta rely on a compelling narrative to justify their valuations, while Adobe is being discounted like a cyclical stock. The transmission path is clear: if high-valuation U.S. tech stocks pull back over concerns about AI spending, shrinking risk appetite will hit BTC first (currently $74,989, down 1.19% over 24 hours and already showing signs of fatigue), then spread to alts. When institutional investors pull out of growth stocks, crypto, as a high-beta risk asset, is unlikely to escape unscathed. My forecast: in the short term, BTC will fluctuate below $75,000 as it digests sentiment from U.S. equities. If inflation data come in hotter than expected and dampen rate-cut expectations, alts face a greater risk of a catch-up decline than BTC. But if the market revalues the Adobe-style “low valuation + steady growth” thesis, that could instead benefit core assets like BTC as funds rotate out of purely narrative-driven assets. Are you betting on Adobe-style certainty or Okta-style upside? Share your positioning in the comments.