The chart of GLXY/IREN shows a significant downtrend, with the ratio currently near its all-time lows around 0.7769. The author believes this ratio is poised for a strong reversal, suggesting Galaxy Digital Holdings (GLXY) may outperform Iris Energy (IREN) in the near term. This outlook is supported by concerns over IREN's negative free cash flow and potential impact from the next Bitcoin halving.