This is not a normal bull market.

It is a market based on constraints.

SPY: ~$713.94

QQQ: ~$663.88

$BTC : ~$78.2K

Fed funds: 3.50%–3.75%

Consumer sentiment: 49.8

1Y inflation expectations: 4.7%

Hormuz: ~20% of seaborne oil

Stocks are pricing AI earnings.

Oil is pricing supply risk.

Consumers are pricing lost purchasing power.

The Fed is pricing inflation risk.

Bitcoin is pricing scarcity.

Price is being set by constraint.