According to Eric Balchunas, he is not joining the bears despite elevated valuations because he sees a current Trump Put and a potential Fed Put with a new Fed chair by May, even suggesting negative rates could emerge next year, signaling a pro-risk backdrop that may support equities and crypto such as BTC and ETH; source: Eric Balchunas on X, Nov 23, 2025. For trading, this viewpoint implies leaning long-on-dips in risk assets and monitoring the May policy-appointment timeline and the rate path as catalysts for volatility and beta performance in BTC and ETH; source: Eric Balchunas on X, Nov 23, 2025.