Wasn't it right at the beginning of the bank failures? The timing seemed perfect, to me.

If the Fed & Treasury started the big bailouts that they've done before for banks, then we would have seen a bigger rush into Bitcoin. People underestimate how scarce Bitcoin is and how fast it could move with just a tiny bit of demand. Bank failures were driving people to seek out alternatives.

The Fed was able to concoct a plan to do smaller bailout, which they denied even was a "bailout". It was, it just wasn't as large as Balaji probably anticipated.

The day is coming when the Fed will have no choice but to print huge amount of fiat in order to prevent a massive collapse. That's the day Bitcoin will run from $20k to $1M in a very short amount of time.