One major divergence is defining this market cycle right now. 

Capital rotation into risk assets remains extremely aggressive. Every major U.S. equity just closed the week at fresh all-time highs.

The market is effectively brushing off every macro headline in front of it, from the Iran conflict and Strait of Hormuz risks to sticky inflation and the Fed narrative.

But none of it has been enough to break momentum. In just eight weeks, the S&P 500 is up +18%, while the Dow continues printing new all-time highs.

Crypto, meanwhile, is clearly underperforming. The total crypto market is up only 10%, with most major assets still trading well below previous cycle highs.

In that context, U.S. President Donald Trump publicly celebrating…