American equities are pricing in some serious optimism right now. The Shiller P/E ratio—which measures stock valuations on a 10-year average earnings basis—has surged to approximately 41x. That's a big deal because we haven't seen numbers this stretched since the 2000 dot-com collapse.

What does this signal? Equity markets are running on fumes in terms of valuation cushion. When traditional assets get this expensive, it typically forces capital to hunt elsewhere for yield and upside. For crypto traders and investors, this kind of macro setup usually sparks conversations about uncorrelated assets and alternative stores of value. Whether that's a warning or an opportunity depends entirely on your thesis.