It seems like the massive amount of people in the US who are incentivized to DCA into the s&p 500 by matching programs and the pervasive pop culture phenomenon of passively investing savings into the s&p will just keep price more or less grinding up for a long time.

People have learned that saving fiat is a losing maneuver, and feel that the stock market is how they “get ahead” even though real rate of return is typically 1% when dollar debasement is factored in. All the fiat financial advisors recommend index investing. All the normies who are in a position to save know about this concept and do it in some form. It’s a massive amount of money that keeps getting piled in.

I think the major sell off in equities won’t come until Bitcoin is seen as the replacement index investing at scale. It will probably take a while still for this to happen but it will eventually.