I would say the wealth transfer hasn't really begun ?
Yes the $ price increase has been huge in these 16 years, but total wealth transfered into Bitcoin has just been starting.
Discussion
~93% of all coins have already been mined. Most of the "wealth" in the fiat system is debt, it does not exist. That money will never get into the BTC system.
The dollar market cap is irrelevant because all of the money in the current system is permanently stuck. The ~300 trillion in housing or whatever the number is will never come over, it's fake wealth.