Stock market crash 2000 vs 2026 Same pattern 2000: 142 IPOs in one quarter → ~$60B raised in total → crash 2026: SpaceX alone raised $75B → Anthropic ~$60B → OpenAI ~$60B → crash * The 2000 total raised figure is inflation-adjusted

DO NOT FALL FOR IT Today SpaceX goes public at $1.75 trillion In the last 20 years the overwhelming majority of hyped IPO's were a DISASTER in first year SpaceX is 10x hyped and 20x a big IPO's valuation Meta: −30% in the first year Uber: −25% in the first year Rivian: −60% in the first year Coinbase: −55% in the 1st year (since day 1) It is not designed for retail to win You buy at the top, early investors are up 100x to 1000x Bankers will win, investors will win, early employees will win AT YOUR EXPENSE SpaceX is a great company, and you'll easily buy it at a discount in the next 365 days Just be patient

Bitcoin cures cancer

My base case for the rest of 2026 June: Range 60k/68k July: Lower high 74k August: Lower low 50k September: Range 50k/60k October: Tightening range November: Bottom 45k December: Reversal January: Grind higher

60k - 68k Range in June 68k - 74k Lower high in July 50k - 55k Lower low in August $BTC

"4-year cycle is dead" "3 data points" "Supercycle" Meanwhile: ✓ Top in October ✓ Breakdown in February ✓ Relief rally in April ✓ Sell in May ✓ Continuation in June Months of arguing but nothing ever happens

Sell in May Buy during the summer 2014 Bear (Jun-Oct): -38% 2018 Bear (Jun-Oct): -16% 2022 Bear (Jun-Oct): -35%

Welcome to June The worst month for $BTC in midterm years 2022: −37.77% 2018: −14.62% 2014: 2.58% You should've sold in May

Nothing new under the sun $BTC 82k - 74k - 50k - 200k

Summer is going to hurt > Equities are draining all liquidity > Saylor is selling btc > Mid-terms approaching = risk off > ETF flows negative (see point 1) > No end to the Iran war in sight > Mega IPO's will only worsen liquidity bitcoin:native

SPX top is near $3.5T in IPOs across 3 months SpaceX / OpenAI / Anthropic Liquidity black holes Exactly how the dot-com era topped Invest $10k at the top in 2000 13 years later you just break even And inflation already ate 50% of it

BTC never bottomed in less than 360 days Bear 2013: Bottom in 426 days Bear 2017: Bottom in 363 days Bear 2021: Bottom in 376 days Bear 2025: 190 days in (~52%) Calling the bottom here is arguing against 13 years of data

Nothing new under the sun $BTC

How the S&P 500 plays out from here

63 days Average length of a $BTC range We are on Day 56

Bitcoin is going to $200k And there's nothing you can do about it

Imagine investing in the S&P 500 in 2000 You hold for 13 years By 2013, you have EXACTLY the same balance Meanwhile, inflation ate 50% of the value your money had Now ask yourself: What if this happens again?