Explain this bull ?

Some possibilities: SEC OCC going after stablecoins and other centralized crypto assets for violating security policies. Folks are exiting stables and moving to BTC since it's the largest/safest decentralized monetary protocol.

Fed is preparing a CBDC and attempting to choke out the rest of the market by limiting access to banks.

CPI numbers were good this morning, though it didn't translate into a similar bump in the broader stock markets.

A number of large institutions across the world launched onboarding options and partnerships with crypto companies.

Last years great shakeout of crypto holders (either through fear or direct loss by mis-management of funds ie Celsius, Voyager, FTX, Midas, etc.) has caused folks to pull BTC off of large exchanges reducing liquidity and therefore driving the price up due to simple supply and demand.

Institutions and large investors are buying up BTC to prepare for the full realization of a recession in the U.S. and globally.

So in other words I have no idea.