What is the valuation/deviation based on?

It's crazy that we are barely above the zero basis and yet all time high, compared to 2020-2021

We never walked in stair steps up like this

You just charted it

Aaand we're back...

this confirms my biases and i like it

is the "uncharted territory" referring to ath happening at lower "valuation" than before

Where to next?

Thanks Root!