Why is crypto not following the macro?

Generally curious, how come that in an environment where US equity, gold, emerging market equity (like china and Vietnam) all printing new high everyday, yet crypto seems so out of trend and still struggling at maintaining the price level? Entering October we are see FED acting more dovish and two more cuts this year are almost certainly to happen, QT about to end, markets are optimistic, yet crypto being the risk asset not seeing any significant inflow?

As someone in crypto for a long time and survive through 2018 and 2022, I genuinely thought after the long bear we are going to have at least a half decent bull. Now 2025 is about to end and it has been a glorious year for both equity and metal market, crypto seems really dead and not correlated to other markets at all.

I’m just frustrated and confused. Is the crypto thesis wrong?

Edit: I’m not talking about this month alone, this year crypto has been underperforming.