Not here to convince anyone or win debates. Just sharing what stands out to me from the data.

Here's the thing—most of the bullish case for 2026 hinges on IWM climbing higher. Fair enough. The Russell 2000 has crushed it, rallying from 128 to 185 since March. Solid momentum.

But here's where it gets interesting. While IWM was posting those gains, take a look at what actually happened to crypto during that same stretch. The divergence tells you something worth thinking about. When traditional equities are leading like that, the crypto market doesn't always follow the same playbook.

You can read into it however you want. Just laying out the numbers and letting the pattern speak for itself.