This is not a normal bull market.
It is a market based on constraints.

$SPY : ~$713.94

SPY
SPYUSDT
713.31
-0.05%

$QQQ : ~$663.88

QQQ
QQQUSDT
664.41
+0.05%

$BTC : ~$78.2K

BTC
BTCUSDT
77,721.4
-0.37%

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.