According to @Andre_Dragosch, S&P 500 equity risk premia have recently turned negative, implying a discount and signaling investors are accepting lower expected returns on equities versus risk-free yields, as shown in his chart, source: @Andre_Dragosch. He states discounts could steepen similar to the 1980s because US Treasury bonds are increasingly perceived as riskier than US equities, source: @Andre_Dragosch. For traders, this observation supports focusing on equity beta over duration and monitoring BTC and ETH correlation with the S&P 500 and real yields to gauge risk appetite shifts, source: @Andre_Dragosch. A key watchpoint is the spread between the S&P 500 earnings yield and US Treasury yields that underpins the equity risk premium in his exhibit, source: @Andre_Dragosch.