The Money Supply All Time Highs

Okay - here's the chart you have to see. This is the S&P 500 divided by the total money supply.

We all know there has been a ton of stimulus since Covid to restart economies and get the system moving faster. That has also lead to inflation and other debatable topics, that I won't fully dive into now, but have covered before. More importantly, though, what you will see on this chart is that the S&P 500 is BELOW its highs relative to the total money supply.

Added bonus: I included Bitcoin / total money supply. I found this to also be shocking! The money supply is going up, but assets going down.

Does that make sense?
Shouldn't the market be higher?
What's going on with this?

I personally think this might mean the bull market is still setting up. What I also find hilarious is how many people just hate the market these days. How much bearishness do you STILL hear to this day? Omg inflation is coming. Omg the dollar is dead. Omg Apple is dying. Omg Netflix is so... point is there is so much skepticism.

Bull markets are built on pessimism and die on euphoria.

I just don't see that much euphora. And especially relative to how much money has been printed.