The stock market has witnessed a historic moment. The total market capitalization of the US stock market has surpassed a record 218% of GDP—the total stock market value soared to $68 trillion, while the entire US economy is only about $31 trillion. This ratio has skyrocketed by 56 percentage points in a short period.

In other words, the market value of stocks has already far exceeded twice the size of the real economy. What does this mean? How extreme is the inflation of asset prices? From the perspective of crypto asset allocation, such extreme bubbles often indicate an impending correction. Will history repeat itself? It’s worth pondering.