Bitcoin recently registered an 18-month high. It's worth pointing out that based on historical precedents Bitcoin has been more than +50% higher one month later (4 up vs. 1 down), while the SP500 has been almost +3% higher (5 up vs. 0 down) and the Russell 2000 has advanced almost +4% on average (5 up vs. 0 down). In other words, Bitcoin FOMO has had a positive impact on risk appetites historically.
But the SP500 is trading NOTHING LIKE BITCOIN - it's trading in the lower third of a three-month range, while Bitcoin is starting launch. Historically, that has not been a problem, as a matter of fact, it probably means risk assets are poised to bounce. Notice that while Bitcoin continues to surge, +18% one month later (6 up vs. 0 down), the SP500, the Nasdaq 100 and the Russell 2000 also run. The SP500 and the NDX have rallied around 6% one month out (6 up vs. 0 down), and the RTY advanced more than 8% on average (5 up vs. 1 down).