Interestingly, the two parts of the title are not necessarily in opposition.
One would think that the "mother of all bull markets" or even a strong one, would be on the other side of hardship.
When I say the wealthy prepare for hard times, we've seen news with the most visible of them building underground bunkers (Zuckerberg) or selling huge chunks of shares in the companies where they still are majority shareholders (Bezos, Zuckerberg, Jamie Dimon). Now, the latter situation may be simply taking profits at the right time, expecting a depreciation for various reasons, but that's an indication too, of what they think about the stock market going forward.
So, as our enthusiasm builds up into euphoria in the crypto space, they take profits on the stock markets. Or build an underground bunker on an undisclosed island in Hawaii, but let's admit Zuckerberg is a strange guy...
It's probably a good time to take profits in the stock markets, with ATHs for both Nasdaq Composite and NYSE Composite, and I'm sure they don't hunt for the absolute top, or they wouldn't find any buyers for a deal on a significant portion of shares they would want to sell.
If we look from the crypto side, we should keep in mind that enough big investors don't buy crypto for the staggering multiplying potential (although I'm sure they don't mind), but as a hedge for fiat or for other types of investments they have in their portfolio.
Those who invest as a hedge for fiat probably invest directly in crypto, not via an ETF.
This becomes an even more appealing alternative for investors with revenues in a non-USD currency, potentially with high inflation.
Before I started writing this post I did some potentially meaningless calculations, more like for fun than to use them as any indicators.
Since the bull market started, BTC has grown by roughly 3.6x. It's interesting that in the second phase of the bull market which started after the ETFs were approved and the price started to skyrocket shortly after a short pullback, to have the same 1.4x price increase as in the previous year of the first phase of the bull market, we'd need to see the price of BTC at roughly 93k. This means absolutely nothing, just an exercise for fun.
And to see that phase 1 of the bull market is not exciting, but when it comes to higher profits on "sure things", it is more important to buy in phase 1 than to wait for phase 2 when the price skyrockets.