According to @DowdEdward, Wall Street now recognizes a bubble but assumes it has more time, a contrast to the 2000 dot-com era when participants believed in a true “new paradigm,” highlighting latent fragility in today’s rally drivers, source: Edward Dowd on X, Oct 30, 2025 https://twitter.com/DowdEdward/status/1983687597861040413. He warns that even modest negative price momentum could shellack the 10 stocks currently propelling the index because the marginal owner of the trade is highly price-sensitive, signaling outsized downside elasticity if momentum reverses, source: Edward Dowd on X, Oct 30, 2025 https://twitter.com/DowdEdward/status/1983687597861040413. For crypto traders, elevated equity concentration and momentum fragility raise spillover risk to BTC and ETH given the positive stock–crypto correlation observed in recent years, source: IMF blog “Crypto Prices Move More in Sync With Stocks,” Jan 11, 2022 https://www.imf.org/en/Blogs/Articles/2022/01/11/crypto-prices-move-more-in-sync-with-stocks. Practical takeaway: monitor mega-cap equity momentum alongside rolling BTC/ETH–equity correlations and risk gauges to manage potential contagion if the leading stocks weaken, source: Edward Dowd on X, Oct 30, 2025 https://twitter.com/DowdEdward/status/1983687597861040413; IMF blog “Crypto Prices Move More in Sync With Stocks,” Jan 11, 2022 https://www.imf.org/en/Blogs/Articles/2022/01/11/crypto-prices-move-more-in-sync-with-stocks.