📊 The US stock market has never been this expensive.

The gap between stock prices and the actual money supply (M2) has reached a record high of 270%.

• Currently 120 points higher than in 2022.

• 40 points higher than the peak of the dot-com bubble.

• 75 points higher than the level of the 2008 financial crisis.

While the UK and France are at around 60% (and below their pre-COVID peaks), the US market is defying gravity. Even Japan has only just returned to the 1990s levels.

The market isn't just ahead of liquidity… it's completely detached from reality.

$NIL
{future}(NILUSDT)
$ALPINE
{spot}(ALPINEUSDT)
$ATM
{spot}(ATMUSDT)