is this the start of long term bear market of bitcoin and crypto currencies in general?

one thing which surprises me is even though us stock markets have not crashed that badly even today if you look at s&p 500 or Nasdaq its almost on track. Also if we look at inflation numbers it's very high and also the on chain data points out that open interest has been wiped out then why has money not outflown ? Seems interesting and may be we are seeing a long term bear cycle again?