Current thinking:

The bitcoin bubble this cycle will be most pronounced in stocks and all the tradefi leveraged shineigans going on

the emergence of so called "treasury companies" is a sure sign of froth in markets - traditionally companies try to create value, but these companies are basically arbitrage on the premium tradefi is paying (remember gbtc premium?) - but this can quickly turn into discounts and liquidations and mass panic

Bitcoin always sniffs out this kind of stuff and destroys them eventually