There's fresh optimism brewing in traditional equity markets as the S&P 500 continues to flirt with new highs heading into year-end. But here's what's catching traders' attention: the market's valuation profile looks substantially healthier compared to the last time we saw this index break records.

This matters because previous peaks often came loaded with frothy sentiment and stretched multiples—the kind of environment that tends to spark sudden reversals. Right now? The technical setup feels different. While momentum remains strong, the underlying fundamentals don't scream bubble territory like they did before.

For crypto-savvy investors watching macro trends, this shift is noteworthy. When traditional stocks lose their irrational exuberance premium and settle into more grounded valuations, it can reshape how capital flows across asset classes. Less froth in equity markets sometimes means more measured allocations elsewhere.

The takeaway: bulls aren't just cheering the headline numbers—they're noting that this particular rally seems built on something more sustainable than pure speculation.