According to Charlie Bilello, current US equity valuations are exceeded only by the 1999-2000 dot-com period, while the Federal Reserve is now cutting rates rather than hiking as it did then (source: Charlie Bilello X post on Sep 15, 2025; source: his linked YouTube video). He highlights this policy-valuation divergence and openly questions whether it risks forming the biggest bubble, underscoring a critical macro backdrop for traders (source: Charlie Bilello X post on Sep 15, 2025). For crypto positioning, elevated stock valuations and easier policy can transmit to BTC and ETH via the rising post-2020 equity-crypto correlation documented by global authorities (source: IMF Global Financial Stability Report, October 2022).