Did falling interest rates fuel the bitcoin boom?

During the past five years, the bitcoin price has been inversely correlated with future interest rates expectations. How did the latest years’ falling interest rate environment affect bitcoin?
Source: Tradingview, Coinbase

During most of bitcoin’s life, interest rates have been falling, pushing capital into riskier and more “experimental” assets.

Since 2017, bitcoin’s correlation with the US 2-year treasury yield has been -0.57, meaning that when expectations for future interest rates decrease, the bitcoin price has tended to increase – and opposite.

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