The Fed's balance sheet has shrunk to the level of May 2020;

At that time, the price of BTC was 8400~8500, and now the price of BTC is 84000~85000...10 times that of 5 years ago!

The last liquidity added during this period was the money supply of the US dollar, about M2.

Doesn't this prove that the long-term trend of BTC is actually not related to the expansion and contraction of the balance sheet?

Is it the monetary overview that requires real long-term effects?