The previous halving was usually carried out during favorable monetary policies. This halving is the first time in Bitcoin's history that it has been carried out during high interest rates, and its time performance may be more like that of 2000, so some indicators may not be met. In the past, people used to speak in times of loose monetary policy and ample liquidity. However, this cycle has seen a mess of liquidity, with interest rates reaching their highest point in recent years. This has led to more funds going to higher end safe haven assets, such as the US stock market (Ai) and cryptocurrency (BTC). And BTC is also the only two to receive off exchange liquidity support, and it's not just cryptocurrencies, the US stock market is the same. It's not right to say it's a bull market. Apart from AI, other daily users and consumer goods in the US stock market are also in a mess.