Major equity valuations are looking stretched, and we're seeing geopolitical tensions climb. That's a concerning combo. According to analysis from prominent market strategists, there's a real possibility the stock market is underestimating the scale of these risks. When you've got valuations this extended, even moderate shocks can trigger sharp reversals. Couple that with rising global tensions, and you start to wonder how much downside protection most portfolios actually have. It's the kind of environment where traditional safe havens get tested—and where traders across all markets, including crypto, tend to get nervous. Worth paying attention to as we navigate what could be a more volatile period ahead.