In the past, halvings occurred during favorable monetary policy conditions, but this time, the halving is taking place during high interest rates for the first time in Bitcoin's history. The timing may resemble that of the year 2000, so some indicators may not meet expectations.

To put it simply, previous halvings happened during periods of monetary easing and ample liquidity, but this cycle has seen a complete mess in liquidity, with interest rates at their highest in recent years. This has led more funds to flow into safer assets, with U.S. stocks being represented by AI and cryptocurrencies represented by $BTC.

Moreover, BTC is one of the only two assets receiving off-exchange liquidity support, and it's not just cryptocurrencies; U.S. stocks are the same. It wouldn't be accurate to call it a bull market; aside from AI, other consumer goods in the U.S. stock market are also in disarray.

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